Bharat Web3 Association (BWA), India's leading Web3 association, announced today that it has expanded its global footprint by signing a Memorandum of Understanding (MoUs) with Digital Economy Council of Australia (DECA) (formerly Blockchain Australia), the peak body representing businesses and individuals enthusiastic about the potential for blockchain technology to improve our economy and society, and Asosiasi Blockchain Indonesia, a non-profit organisation that aims to mobilise and organise blockchain technology in the region.
BWA's objective for signing the MoU with DECA and Asosiasi Blockchain Indonesia is to align India's Web3 sector with international standards and best practices. This strategic move is an important step towards creating a collaborative environment focused on knowledge-sharing, industry development, and the establishment of global standards within the Web3 landscape. The partnership is expected to drive innovation, accelerate blockchain adoption, and accelerate knowledge transfer, contributing to the growth of India's Web3 sector.
In Australia, the Web3 sector contributes AU$2.1 billion (USD 1.428 billion) and employs 11,600 skilled workers (source). The data from Indonesia's Directorate General of Taxes (DJP) at the Ministry of Finance reveals that tax revenue from the VDA industry is consistently increasing. The VDA sector contributed Rp798.84 billion (USD 52.01 million) in taxes between May and June, which is 3% of the total tax collected from digital economic activities (source). In India, the Web3 industry contributed over Rs 1,260 crore (USD 150 million) in taxes in the last fiscal year (source). This data proves that the Web3 industry has tremendous potential to contribute to economic growth and job creation in our respective countries.
Commenting on the association, Mr. Dilip Chenoy, Chairperson, Bharat Web3 Association, said, "The signing of these MoUs marks a significant moment for the Bharat Web3 Association. By joining forces with DECA and Asosiasi Blockchain Indonesia, we embark on a shared mission to elevate Web3 innovation and standards globally. Together, we are committed to shaping global standards and advocating for policies that accelerate widespread adoption of blockchain technology both domestically and internationally.".
"India is the third largest digitalised economy in the world, which offers fertile ground for Web3 innovation and enables India to become a global delivery center for Web3 first products and services," he added.
Bharat Web3 Association has already created symbiotic partnerships with reputed industry bodies in Singapore and Japan. The global partnerships will benefit all the relevant stakeholders in the industry in India, Australia, and Indonesia, as they aim to create a more homogeneous global Web3 ecosystem. It will also empower companies with access to best international practices, which will enable them to conduct business with their global counterparts. Through collaborative workshops and training programs, Web3 developers will also get exposure to the latest tools and technologies.
"We view our partnership with the Bharat Web3 Association as a vital opportunity to collaboratively enhance cross-border blockchain adoption. Together, we aim to empower the region through shared initiatives, knowledge exchange, and joint projects that drive meaningful impact," said Asih Karnengsih, Executive Director of Asosiasi Blockchain Indonesia.
"As Australia's peak industry body for blockchain, web3, and crypto businesses, DECA (Blockchain Australia) is thrilled to partner with the Bharat Web3 Association through the signing of this MOU. Recognising the growth and potential of this technology within India and Australia, through fostering opportunities between our members, we hope to see the industry continue to flourish across borders," said a spokesperson of the Digital Economy Council of Australia (DECA).
This collaboration is especially important given India's aim to become a $1 trillion digital economy and to position itself as a leader in digital infrastructure and services. The regulatory frameworks and policies established by DECA and Asosiasi Blockchain Indonesia can significantly benefit India's Web3 sector. The MoU will pave the way for joint initiatives that focus on various aspects of the Web3 ecosystem, including research, education, and advocacy. By working together, it will accelerate the adoption of blockchain technology and foster Web3 innovation among the stakeholders in our respective countries.
