The Web3 sector is witnessing rapid expansion globally as groups of countries are collectively (and also independently) establishing guidelines and legal frameworks to regulate the sector. In an attempt to explore ways to grow the Web3 ecosystem in Asia, Web3 support groups in India and Japan have decided to join forces to drive industry growth. India's Bharat Web3 Association (BWA) has reached a collaborative agreement with Japan's ANICANA Distributors Association (JADA) to now work together to further Web3-related research and development.
This week, the BWA and JADA signed a memorandum of understanding (MoU). Under this agreement, the organizations will embark on joint Web3 initiatives around cryptocurrencies, metaverse, non-fungible tokens (NFTs), advanced gaming ecosystems and blockchains.
“We look forward to sharing information on use cases, managing risk through regulatory frameworks and developing policies while sharing compliance best practices,” said Dilip Chenoy, president of the Bharat Web3 Association, in a prepared statement.
Both India and Japan have already made great strides in the Web3 field. According to a recent report by Hashed Emergent, India has become a lucrative location for Web3 activities. With over a thousand startups already founded in the sector, India currently has 12 percent of global blockchain developers. The report also noted that India has claimed the top spot for on-chain adoption by 2023, ahead of 150 other countries and with more than 35 million trading accounts on major Indian exchanges.
Web3 technology in Japan is also expected to grow, and Prime Minister Fumio Kishida is said to have taken a friendly stance toward Web3 technology. Last year, the Japanese prime minister declared that he would help foster the technology with more Web3 promotion policies.
According to market experts, the areas of blockchain games and blockchain use cases are considered to be the main drivers of the Web3 revolution in Asia.
Bitget, a crypto exchange, launched a $100 million fund of funds for the growth and development of Web3 in April 2023. Other companies such as Alibaba Cloud and Near Foundation are also working to grow these technologies in Asia.
With various industry players betting heavily on the expansion of Web3 in Asia, industry bodies such as the BWA and JADA aim to drive research and development in the Web3 sector. “Our goal is to carry out research, surveys and provide support for the development of companies and products, contributing to the healthy development of the industry and the protection of users. We attach great importance to establishing and guiding self-regulation, standards and guidelines necessary to ensure proper operation,” said Keiko Tanaka, president of the Japan ANICANA Distributors Association in a prepared statement.
