Bharat Web3 Association (BWA) has appointed Dilip Chenoy as its first chairman. The industry body was founded in November last year, to develop the Web3 and Digital Assets sector in collaboration with the government and other stakeholders. Chenoy is an industry veteran, having previously served as the secretary-general of the Federation of Indian Chambers of Commerce & Industry (FICCI), managing director and chief executive of the National Skill Development Corporation (NSDC), Society of Indian Automobile Manufacturers (SIAM), and Confederation of Indian Industry (CII) deputy director-general (CII).
Chenoy’s take on his appointment.
Chenoy stated his enthusiasm about chairing BWA, stating that the organisation, which is a partnership of leading and like-minded companies in the Web3 and Digital Assets sectors, is well positioned to catalyse the ecosystem’s growth and development.
BWA was founded barely four months after its parent organisation, the Internet and Mobile Association of India (IAMAI), disbanded the Blockchain and Crypto Council (BACC) owing to unclear regulatory conditions in the crypto business.
BWA’s verticals and objectives
BWA is involved in a number of industries, including virtual digital assets (VDAs), Web3 gaming, non-fungible tokens (NFTs), and token initiatives. The organization’s goals are to raise awareness through research, stimulate discourse among stakeholders, and develop the country’s talent pool in this industry. The association’s primary members are CoinDCX, CoinSwitch, and WazirX, among others.
Government’s stance on regulating the VDAs, cryptos, and Web3 sectors
Last month, while answering a question on the government’s plans to build a roadmap for regulating VDAs, cryptos, and Web3 sectors, Finance Minister Nirmala Sitharaman said that these are evolving sectors with no specific regulation. She also added that these sectors are “borderless” and need significant international collaboration for specific legislation to be fully effective.
Conclusion
The appointment of Dilip Chenoy as the first Chairman of the Bharat Web3 Association is a significant step for the industry body. With his wealth of experience, Chenoy is well-positioned to lead the association in its efforts to develop the Web3 and Digital Assets sector in collaboration with the government and other stakeholders. As the government continues to grapple with how best to regulate the sector, BWA’s focus on creating awareness through research and promoting dialogue between stakeholders will be crucial in ensuring that the sector grows and thrives sustainably and responsibly.
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