To support the emergence of Web3, the Bharat Web3 Association (BWA) has put forth growth-enabling ideas for India’s upcoming budget. The recommendations are aimed at enabling Web3 stand alone to be a global epox emphasis including India to bring in the in-flow of investments for India to turn into a global web3 hub.
Aware of the value of the Web3 Startups’ potential, BWA suggests Web3 Startups’ involvement with existing startup initiatives backed by various ministries namely the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Electronics and Information Technology (MeitY), and the office of the Principal Scientific Advisor (PSA). The pivotal decision of grabbing this opportunity would give proper encouragement and acknowledgment to the Web3 ecosystem that is building in India.
On the other hand, it is also increasingly important globally to have clearer regulatory clarity on crypto assets in caution of which policy frameworks need to be implemented in India. In an attempt to remedy this, the BWA proposes the development of a drafting committee to create model legislation or the publishing of information papers within the first 100 days that the new government is in power. The initiative seeks to eliminate the hazards of the Web3 sector and encourage wonderful ideas in the same.
Highlighting the trillion-dollar potential present by the Web3 saying, the BWA, therefore, asserts the need to be assuredly skill development programs to expand expertise in blockchain and Web3. Further, India setting up the regulatory sandboxes region will be likely to drive innovations in the Web3 startups.
The second recommendation made by the BWA is to allow VASPs for E-KYC/C-KYC virtual assets’ (VAS) access. The reduction of the gap between the VASPs and the regulator would help in swift compliance with the Prevention of Money Laundering Act, 2002 (PMLA). Also, the procedure of customer onboarding would then become easier for the VASPs. Furthermore, to make it easy for VASPs to use escrow accounts and banking services, this industry should facilitate the operations of this sector.
From a tax perspective, the BWA proposes reasonable rules to govern this space and Argentina could be at the frontier of becoming a global center for Web3 business. This is done by a decrease in tax rate on VDA transfer and revising the tax rate on income from VDA transfer as well as a shift of losses.
Dilip Chenoy from the Bharat Web3 Association, the current Chairman, puts special emphasis on the abundance and quality of talent possessed by the Indian Web 3 environment. He appears before the government with the mandate of these recommendations to be implemented in the time frame of the present plan. This will cause growth of the Web3 sector and India will experience leadership as a Web3 innovator.
About Bharat Web3 Association:
Bharat Web3 Association is a forum of influential people in India’s web3 platform that have come together to utilize blockchain technology and scalable options to bring growth and equilibrium to Indian society. It is being led by WeBall members, which are composed of infrastructure providers, VDA governments, gaming platforms, as well as other Web3 actors that portray the varied nature of the ecosystem. The organization aspires to build a robust framework that will encompass awareness about Web3, standards in the industry, the nurturing of talent, and communication between the policymakers and the stakeholders in the Indian Web3 ecosystem.
The BWA has listed in Appendix 1 the detailed instructions for acknowledging and integrating Web3 into different government schemes, together with Startup India, MeItY‘s National Strategy on Blockchain, Niti Aayog‘s initiatives as well as the Office of the Principle Scientific Advisor, and the Ministry of Commerce. The benefit from the proposals shall be in achieving harmonization, new ideas, and dynamism of the Web3 sector, while India moves ahead on its Digital India vision.
Samourai Wallet Targeted? FBI Warns Against Unregistered Crypto Transmitters
The latest announcement by FBI USA where the agency warned against participation in unregulated cryptocurrency money-transmitters has drawn red flags within the crypto community. The experts, though, caution that the warning may not reflect the spectrum of crypto movements at all stages of the operation.
As per Michael Bacina, the Digital Asset Partner at law firm Piper Alderman, this public service announcement from the FBI appears to refer to such privacy APIs as Samouri or Tornado Cash that are used in smart contracts. Yet, there is no provision by Bacina concerning the lack of precision exposure in the communication and non-recognition of complexities.
Bacina calls for adequate regulation and strict policy for the crypto industry, he says that the enforcement actions in themselves might not define the best consumer’s rights.
While Samourai wallets’ C-level executives’ arrest points to problems cryptocurrency firms may face, this also shows the thorough attention given by law enforcement agents to protect people’s financial dealings. The managers are accused of money laundering and offering unauthorized money transfer services, the issue facing up to the business implications of providing crypto services.
Not only the difficulty of definition for Money Services Business (MSB) but also the ambiguity around the things that it ought to include also captures the interest of commentators. Ryan Sean Adams, one of the co-creators of Bankless entity tries to determine why it can be considered that someone is involved in MSBs shopping with an app or/and wallet, citing the impossibility of crypto developers to be sure what exactly it is.
These issues come out as the crypto community tries to navigate through the legality debates that have arisen out of the confrontation with the regulators in the States. Carrying a legal proceeding with the Securities and Exchange Commission (SEC) due to an allegation claiming a monopolization of authority in viewing Ether as a security, ConsenSys, the Ethereum development firm, lodged recently a lawsuit.
As a crux, the message from the FBI signals its desire to control the stabilization scheme of the crypto market. Yet, if there is no clarity privacy-centric instruments might be impacted, raising some concerns for regulation symmetry and innovation tendency in the crypto-sphere.
Is Crypto Overhyped? Swisher Says It Will Only Change “A Little Corner”
The multimedia journalist and writer, Kara Swisher, a notable figure in the tech industry, just opened up in-depth about the importance of cryptocurrencies and the increase of artificial intelligence (AI). In Swisher’s point of view, crypto is significant, but not as prominent as some argue, where she uses an analogy that it is similar to a chunk of volcanic lava instead of a massive oceanside tsunami as the internet.
Swisher touched upon the over-hype that surrounds crypto, underlining the scams that are frequently associated with the said sector. She thought that the underlying technology of cryptocurrency has been overhyped by true enthusiasts who say it will remake the future. Yet she seems to think that crypto will realize its real potential as a niche elite technology among the myriad currently existing technologies that go into oblivion.
In the digital world, according to Swisher the major concern going forward will be artificial intelligence. Although today AI is quite expensive due to the large amount of power needed and an unusual development, we can see how a couple of companies gained the interest of tech giants around the world and entertained the public. Swisher pointed out that AI is the new black. Many companies draw hype to themselves by simply adding it as their company name.
In conclusion, Mark Swisher’s views help us to understand crypto and AI’s colorful futures within the technological space. Although crypto may not ultimately experience the hype, AI fosters strong interest and is being financed, and this will create its own future technology industry.
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