Blockchain and Crypto Assets Council (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. A body Bharat Web3 Association is formed almost after 4 months.

“The Internet and Mobile Association of India has stated that it is dissolving the Blockchain and Crypto Assets Council, which the association created and nurtured for four years. The association was forced to take the decision in light of the fact that a resolution of the regulatory environment for the industry is still very uncertain and that the association would like to utilize its limited resources for other emerging digital sectors, which make a more immediate and direct contribution to digital India, notably, deepening financial inclusion and promoting a central bank-issued digital currency (CBDC),”

Statement from IAMAI

After the discontinuation of the Blockchain and Crypto Assets Council (BACC), India’s crypto Industry has formed a new advocacy body after almost four months.

What is Bharat Web3 Association?

The new advocacy body which was formed 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.

“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,”

Sharat Chandra, Co Founder, India, Blockchain Forum

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 also outreach to regulators to communicate steps towards consumer protection.

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. Further, BACC is 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.”

Edul Patel, CEO and co-founder, Mudrex

“Owing to its thriving developer community, entrepreneurial spirit, fast-growing economy, sound digital infrastructure, and deep digital adoption, India is poised to become a leader in the Web3 space.”

 “BWA will play a pivotal role in helping India achieve its potential as a global Web3 leader.” 

Sandeep Nailwal, a co-founder of Polygon Technology

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