The BWA wants industry players and community members must do their due diligence in exploring the sector.
The BWA, established in November 2022, is chaired by Dilip Chenoy
Photo Credit: Unsplash/ Michael Förtsch
The Bharat Web3 Association (BWA) has launched a new initiative to inform India's crypto community on safe investment patterns. The “Crypto SAFE Campaign” initiative, where “SAFE” stands for Secure Asset and Financial Education, is designed to educate users on cybersecurity and digital hygiene. Additionally, the programme aims to help users understand responsible investing patterns and the importance of Do Your Own Research (DYOR).
The BWA's aim is to emphasise consumer protection in Web3 especially. Citing a report by cyber intelligence firm CloudSEK, BWA noted that India ranked second in global cyber-attack targets last year, with 95 entities affected. The advisory body said Web3 users faced risks from phishing, smart contract exploits, misinformation, and fraudulent schemes, thus requiring awareness among community members.
“By emphasising informed decision-making, cybersecurity best practices, and the necessity of independent research, we aim to protect our community. Additionally, we are raising awareness about cybercrime reporting via the dedicated hotline 1930 to help prevent others from falling victim to scams,” Dilip Chenoy, Chairperson of BWA, said commenting on the matter.
Crypto firms like Coinbase and Binance have recently expressed optimism on exploring India's Web3 market. In 2024, the country reportedly added over 4.7 million Web3 developers and is now expected to surpass the US as the biggest hub of developers in the world.
The BWA believes that while the government is working to lay out detailed rules to oversee the sector, industry players and community members must do their due diligence, as well. Earlier this month, the agency asked crypto companies to establish complaint management systems for consumer protection.
For the next three months, the BWA and its member firms will be using social networking platforms to engage with people on crypto safety and cybersecurity awareness.
In January, the BWA laid down “Cybersecurity and Fair-Trading Guidelines” for virtual asset service providers (VASPs). The agency has also announced the Alliance for Blockchain and Crypto Defence (ABCD) initiative to put together resources and programmes around newer technologies and methods that can help safeguard the Web3 landscape against hackers and vulnerabilities.
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