Web3, Crypto Advocacy Groups From India and Singapore Sign MoU, Will Work on Growth of Sector

Crypto and Web3 advocacy groups from India and Singapore signed a memorandum of understanding (MoU) on Thursday, July 13. Bharat Web3 Association (BWA) and the Blockchain Association Singapore (BAS) have decided to join forces on nurturing and fostering the Web3 sector. As part of this MoU, both advocacy groups will organise workshops, expos, as well as educational conferences to raise people's awareness quotient around Web3. The aim is to ensure that Web3 community members know about the pros and cons of the industry.

Both India and Singapore are developing economies that are taking a calculated approach towards opening their economies to Web3 and crypto sectors.

The next iteration of Internet as we know and use today, Web3 relies on blockchain networks rather than conventional servers.

The MoU entails that both India and Singapore would collaborate with their expertise and resources on the growth of the blockchain sector.

“The parties also intend to collaborate on thought leadership initiatives and share best practices in the blockchain space. By combining their expertise, knowledge, and resources, both organisations aim to advance the development and adoption of blockchain technology in Singapore and India,” the BWA said in a press release seen by Gadgets 360.

The BWA launched in November last year in India, where industry players like Polygon, CoinDCX, CoinSwitch Kuber, WazirX, ZebPay, and Hike among others, ply their trades.

Promoting research-driven awareness on the digital assets sector, maintaining dialogue channels with stakeholders, and standardising business ethics for the Web3 industry players will be the three key focus points for the BWA.

As for Singapore's crypto advocacy group, the BAS was launched in April 2020. It is powered by Huobi University, a blockchain and cryptocurrency education platform launched by the Huobi Group in 2018.

Now, when India is heading the G20 group and drafting crypto rules on a global level is part of its agenda, it seems only natural that Singapore wishes to increase its involvement with India around the Web3 sector.