Bharat Web3 Association Names Ex-FICCI Secretary-General Dilip Chenoy as Chairman

Dilip Chenoy will now spearhead the plans and initiatives that will be backed or opposed by India’s crypto advocacy body.

Bharat Web3 Association Names Ex-FICCI Secretary-General Dilip Chenoy as Chairman

Photo Credit: Pixabay/ Shaurya Singh

India is working on crypto laws that would work on a global level

  • Chenoy will head BWA’s discussions around Web3 with the government
  • India is currently addressing crypto in ongoing G20 meetings
  • BWA was founded last year

The Bharat Web3 Association (BWA), on Monday, March 9, announced the appointment of its first chairperson four months after its formation in November 2022. Dilip Chenoy will now spearhead the plans and initiatives that will be backed or opposed by India's crypto advocacy body. Prior to this appointment, Chenoy has been part of several national industry bodies and helped in shaping up their business policies. The announcement, unmissably, comes in the backdrop of India hosting the annual G20 meetings this year and addressing several topics around crypto.

Chenoy, 64, as part of his new responsibilities, will be working with relevant authorities to foster the development of Web3 in India.

Previously, he served as the Secretary-General for the Federation of Indian Chambers of Commerce & Industry (FICCI), Managing Director and Chief Executive Officer of the National Skill Development Corporation (NSDC), as well as the Deputy Director General of the Confederation of Indian Industry (CII).

“I am glad to be a part of this journey of making India a leader both in Web3 use case and adoption as BWA has taken up an ambitious task of nurturing the sector in collaboration with government and other key stakeholders,” Chenoy said in a prepared statement.

Members of India's crypto and Web3 companies came together to forge the BWA last year in order to collaborate with the government as well as the nationals to drive pro-industry initiatives into the nation. These companies include Polygon, CoinDCX, CoinSwitch Kuber, and WazirX among others.

In November 2022, when the BWA came into existence, it had already been four months since India's former Web3 advocacy group was dissolved owing to the snags in the sector's overall growth.

Called the Blockchain and Crypto Assets Council (BACC), the now disbanded body was founded in 2018 by the Internet and Mobile Association of India (IAMAI).

The BWA, since its formation, has made its opinions heard around India's shaky stance on the crypto sector as well as on the tax policies enforced upon crypto investors.

“The BWA aims to highlight the impact of the existing tax provisions such as TDS, tax on income from VDAs, and not allowing carrying forward of losses on the wider industry and share its inputs on suitable amendments,” the body had said in December last year, conveying its concerns to the Indian finance ministry.

The group had urged the government to re-consider India's 30 percent tax on crypto gains as well as 1 percent TDS on each transaction — a plea that went untended to by finance minister Nirmala Sitharaman's office.

In February this year, the BWA joined forces with the Telangana government to stir discussions around the blockchain technology.

“I believe BWA, which is a collaboration between leading and like-minded entities in the Web3 and Digital Assets sector, has uniquely positioned itself to catalyse the growth and development of the ecosystem,” Chenoy added.

The Xiaomi 13 Pro has a hefty price tag compared to the company's 2022 flagship model. How does it fare against other high-end phones launched in 2023? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at More
Samsung Galaxy Watch 6 Pro Will Reportedly Bring Back Physical Rotating Bezel: Details
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2023. All rights reserved.