India, Japan to Bolster Asia’s Web3

India’s Bharat Web3 Association (BWA) and Japan ANICANA Dealers Association (JADA) have forged a partnership to fuel collaboration in nurturing the Web3 ecosystem.

• They are focusing on advocacy, educational endeavors, and thought leadership activities.
• Significant investments in Web3 expansion across are driving growth and adoption.

India’s Bharat Web3 Association (BWA) and Japan ANICANA Dealers Association (JADA) have signed an agreement to catalyze collaborative efforts toward nurturing the Web3 ecosystem.

The memorandum of understanding (MoU) encompasses advocacy, educational endeavors, and thought leadership activities.

Dilip Chenoy, chairperson of Bharat Web3 Association, expressed optimism regarding the partnership. In a prepared statement, he shared his hope to “leverage [the] partnership to exchange insights on use cases, manage risks through regulatory frameworks, and develop policies while sharing compliance best practices.”

India is a major player in the global Web3 space, with the largest Web3 ecosystem globally. According to a Hashed Emergent report, India encompasses over 1,000 startups and has 12% of the global pool of blockchain developers. There are also more than 35 million trading accounts on the top Indian exchanges.

For its part, Japan has a welcoming stance toward Web3 technologies, which nicely aligns with Prime Minister Fumio Kishida’s strategy of promoting technology, called “Cool Japan.”

Last year, the Japanese government approved a white paper that laid out recommendations for bolstering the crypto industry in the country. The main theme there is to make Japan a friendlier environment for crypto. They even proposed changes to tax regulation, including tax exclusions for companies holding tokens issued by other companies that aren’t going to be traded for a short term.

This goes to show that Japan is indeed willing to accommodate Web3.

JADA Chairperson Keiko Tanaka said, “Our goal is to conduct research, surveys, and provide development support for businesses and products, contributing to the healthy development of the industry and the protection of users.”

The Web3 expansion across Asia has attracted substantial investments. Entities like Bitget launched significant funding initiatives to bolster development efforts. Alibaba Cloud and Near Foundation are also playing an important part in the growth and adoption of Web3 technologies across the region. A wide range of digital financial services has flourished in emerging markets in Southeast Asia.

These associations want to fully utilize Web3 technologies to drive socioeconomic transformation and empower communities worldwide through coordinated efforts and group engagement.

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