India's Crypto, Web 3 Industry Said to Form New Advocacy Body
India's crypto industry has formed a new advocacy body almost four months after the previous one was disbanded under cloudy circumstances, according to three people familiar with the matter who didn't want to be named since the decision has not been made public.
The body will be called Bharat Web 3 Association (BWA), a shift in branding toward Web3 from the earlier Blockchain and Crypto Assets Council (BACC). The word Bharat represents the nation of India.
The BACC was disbanded in July by its parent organization, the Internet and Mobile Association of India (IAMAI). That dampened the mood of the crypto ecosystem during a crypto market downturn, stiff new taxes and macroeconomic factors had severely hurt the industry and its consumers.
Leading members of the new association involve Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and Wazir X, making it the most prominent Web3 advocate in the country. While some registration and procedural formalities remain, the association is set to be announced Thursday, the people said.
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.
CORRECTION (Nov. 3, 11:01 UTC): Corrects acronym of BWA in second paragraph.