India needs its voice for crypto after Bharat Web3 Association comes into existence, say experts

BACC was dismantled in July under cloudy circumstances by The Internet and Mobile Association of India (IAMAI), which was formed to represent cryptocurrency exchanges and start-ups working in the blockchain and related space.

The body is named as Bharat Web3 Association (BWA), a shift in branding toward Web3 from the earlier Blockchain and Crypto Assets Council (BACC). ‘Bharat’ represents Indian – the nation.

Sharat Chandra, Co Founder, India, Blockchain Forum, said Bharat Web3 Association will be more effective than BACC as it will be free from trappings of IAMAI. BACC’s dissolution stemmed from the conflict crypto brought in with respect to IAMAI’s overall policy advocacy.

“Indian digital assets ecosystem needed a crypto-native voice. As India Blockchain Forum, we look forward to cooperating with BWA to foster an inclusive development of the Indian web3 ecosystem,” he added.

The dismantling of BACC dampened the mood of the crypto ecosystem in India during a crypto market downturn at the same time as stiff new taxes and macroeconomic factors were hurting the industry and its consumers.

India’s crypto tax regime was criticised by Changpeng Zhao, CEO, Binance- a crypto exchange – during a panel at a fintech conference in Singapore. Zhao said the high level of taxes is ‘probably going to kill the industry,’ in the country.

Leading members of the new association involve Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and WazirX, making it the most prominent Web3 advocate in India. Though, some registration and procedural formalities remain, said sources.

The goals of the body include driving awareness about Web3, pushing for technology and innovation, supporting ecosystem partners and outreach to regulators to communicate steps towards consumer protection.

Edul Patel, CEO and co-founder, Mudrex, said BACC was formed to oversee the implementation of a self-regulatory code of conduct for member crypto exchanges. It could play a major role in promoting and encouraging the talent in India.

“The focus of Bharat Web3 Association will be on Web3 and Blockchain innovation, driving more awareness through research to keep pace with emerging innovative technology.,” he added.

India is gearing up for its year-long stint of holding the presidency of the Group of 20 nations starting next month and ends by November 2023. Finance Minister Nirmala Sitharaman said that crypto regulations will be a key point for it.