Bharat Web3 Association (BWA), India’s leading Web3 industry body, has taken a step in expanding its global reach by signing Memoranda of Understanding (MoUs) with the Digital Economy Council of Australia (DECA) and Asosiasi Blockchain Indonesia. These partnerships aim to align India’s Web3 sector with international standards and foster a collaborative environment for blockchain innovation, industry development, and knowledge exchange.
The partnership with DECA, Australia’s peak body for blockchain and Web3 technologies, and Asosiasi Blockchain Indonesia, a key player in Indonesia’s blockchain ecosystem, marks a significant moment for the Bharat Web3 Association. The strategic move is designed to strengthen India’s Web3 landscape by adopting global best practices and fostering cross-border collaboration. These alliances are expected to accelerate the growth of the Web3 industry in India by driving innovation and creating opportunities for knowledge transfer.
In Australia, the Web3 sector contributes AUD 2.1 billion (USD 1.428 billion) to the economy and employs over 11,600 workers. Similarly, Indonesia’s Directorate General of Taxes reported that the Virtual Digital Asset (VDA) sector generated Rp798.84 billion (USD 52.01 million) in taxes between May and June 2024. India’s Web3 sector also continues to grow rapidly, contributing over Rs 1,260 crore (USD 150 million) in taxes during the last fiscal year.
Dilip Chenoy, Chairperson of Bharat Web3 Association, emphasized the importance of these partnerships: “The signing of these MoUs marks a significant moment for BWA. By joining forces with DECA and Asosiasi Blockchain Indonesia, we embark on a shared mission to elevate Web3 innovation and standards globally.”
The partnerships will benefit all stakeholders by creating a more unified global Web3 ecosystem. Collaborative workshops, training programs, and shared projects will expose Web3 developers to cutting-edge technologies and best practices. This initiative aligns with India’s ambitions to become a $1 trillion digital economy and position the country as a blockchain and Web3 technologies leader.
With these collaborations, the Bharat Web3 Association is well-positioned to influence global standards and accelerate blockchain adoption across borders, fostering a robust ecosystem for the future of Web3.
