According to recent reports, the Bharat Web3 Association (BWA) and the European Crypto Initiative (EUCI) have agreed to sign a Memorandum of Understanding (MoU), considering the potential benefits that the partnership could bring to the world of Web3. The upcoming collaboration between the two Web3 regulation giants, the BWA and the EUCI, will ensure fast and smooth functioning of Web3 organizations under their regions.
The two organizations will collaborate on multiple Web3 initiatives, such as participating in Web3-related educational conferences or advocacy events, exhibits and workshops. According to an official press release, the BWA and EUCI plan to work together to share thought leadership, reports and practices among themselves to advance 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 goal: to leverage blockchain and scalable technologies to drive growth and development in India’s web3 realm. The main motive behind setting up the BWA is to help India achieve its vision of becoming a leader in the digital economy. The association commends the collaboration between the regulators and the industries to create awareness about the upcoming trends emerging from the web3 market.
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India is slowly making progress in the Web3 world
Not much time has passed since the Indian government ruled out a policy of imposing 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 ban UPI access to Restore crypto exchanges.
While India’s stance on crypto and Web3 remains vague, the nations’ progress in Web3 is slowly branching towards a more regulated and well-adopted Web3 future. Although the Indian government still supports blockchain and some Web3 developments, authorities are somewhat primarily against blockchain-based cryptocurrencies, due to the tax burden and lack of payment support. With the recent announcement of the partnership between the BWA and the EUCI, the Indian crypto community is hoping for better prospects in the future.
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