According to recent reports, the Bharat Web3 Association (BWA) and the European Crypto Initiative (EUCI) have agreed upon signing a Memorandum of Understanding (MoU) given the potential benefits that the partnership could bring to the world of Web3. The upcoming collaboration of the two Web3 regulation giants, the BWA and the EUCI, will ensure the swift and smooth operation of Web3 organizations that fall under their region.
The two organizations will collaborate on multiple web3 initiatives, such as participation in Web3-related educational conferences or advocacies, expos, and workshops. According to an official release, the BWA and the EUCI plan to work collectively to inter-share thought leadership, reports, and practices to foster the development and adoption of web3 technologies and industries.
More About the BWA
The Bharat Web Association is an alliance formed by merging some of the leading web3 technology companies in the country. These companies have a common objective of leveraging blockchain and scalable technologies to foster growth and development in the Indian web3 realm. The main motive behind setting up the BWA is to help India catapult towards its vision of becoming a digital economy leader. The association commends collaboration between the regulatory bodies and the industries to create awareness about upcoming trends emerging from the web3 market.
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India Slowly Advancing in the Web3 Realm
Not much time has passed since the Indian Government ruled out a policy to impose a 30% tax on all crypto profits, resulting in a plunge in the overall Indian Crypto market. However, earlier this year, India’s apex body for regulating Web3 technologies and companies, the BWA, along with multiple crypto exchanges, urged the Indian Government and the Reserve Bank of India (RBI) to restore UPI access to Crypto exchanges.
Although India’s stance regarding crypto and web3 remains vague, the nations’ advancements in the Web3 realm are slowly branching out towards a better-regulated and well-adopted Web3 future. While the Indian Government still supports blockchain and some web3 developments, the authorities are somewhat primarily against cryptocurrencies based on blockchain following the tax burden and the lack of payment support. With the recent announcement of the collaboration between the BWA and the EUCI, the Indian crypto community hopes for a better outlook in the future.
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