All posts tagged: bwa

Bharat Web3 Association to Host Web3 Cybersecurity Workshop in Bengaluru on May 8

Bharat Web3 Association to Host Web3 Cybersecurity Workshop in Bengaluru on May 8

Published by Webster

The Bharat Web3 Association (BWA) has announced a cybersecurity workshop that will be conducted in Bengaluru on May 8. During the upcoming event, the BWA will discuss security challenges related to crypto exchanges and wallets. Representatives from multiple crypto firms like Coinbase and Bitgo have been listed as speakers for this workshop. The BWA is aiming to prepare Indian Web3 firms to deal with the sophisticated hacking and scamming methods used by malicious actors to target the $3 trillion (roughly Rs. 2,52,75,450 crore) industry. CoinDCX CISO Sridhar Govardhan is one of the speakers scheduled to discuss the lessons that can be learnt from recent breaches that impacted the Web3 space. Other representatives from companies like CoinSwitch and Mudrex are also slated to speak at the workshop, Chenoy told Gadgets 360. Muralidharan Sundaramurthy, Head of Technology Risk and Security Compliance, APAC, Coinbase and Barath Jawahar, Director of Engineering, BitGo are slated to talk about the risks for Web3 projects around third-party integrations and cloud security. Marc Krisjanous, a senior committee member from the CryptoCurrency Security Standard …

FIU-IND Reportedly Sets June 30 Deadline for Crypto Exchanges to Redo KYC Verification

FIU-IND Reportedly Sets June 30 Deadline for Crypto Exchanges to Redo KYC Verification

Published by Webster

The Financial Intelligence Unit of India (FIU-IND) has reportedly instructed all crypto exchanges to verify the know your customer (KYC) data collected from users based in India, by the end of June. The KYC details that are older than 18 months will need to be refreshed by all operational exchanges. Mudrex and Pi42 confirmed the development to Gadgets 360 on Friday. The aim of this step is to maintain accurate details of crypto holders, while also identifying the flouters of the national crypto tax laws. The FIU has observed that many crypto users as well as exchanges are neglecting the one percent TDS deduction law on crypto transactions, The Economic Times reported, citing anonymous sources. The agency now plans to tighten its oversight over crypto activities. Bharat Web3 Association (BWA), which is an independent crypto advisory body based in New Delhi, said this directive underscores India’s push for regulatory accountability in the Virtual Digital Assets (VDA) space. “The FIU-IND has directed all registered VDA exchanges to enhance KYC compliance by June 30, 2025, under the …

ByBit Pays Rs. 9.27 Crore Penalty, Completes FIU-IND Registration

ByBit Pays Rs. 9.27 Crore Penalty, Completes FIU-IND Registration

Published by Webster

ByBit on Thursday announced that it has settled a monetary penalty imposed on the crypto firm, by India’s Financial Intelligence Unit (FIU-IND). The Dubai-based crypto exchange has also registered with the FIU-IND and revealed that it will ramp up initiatives to spread crypto awareness in India and work with educational institutions to let students experiment with blockchain technologies. Bitget, Liminal Custody, and Binance are among other crypto firms that have also registered with the FIU-IND after it was made mandatory for all firms offering crypto services in the country in December 2023. ByBit Resolves Prior Regulatory Lapses Last month, The crypto exchange informed its customers in India that it was temporarily halting its services in the country. Soon after, the FIU-IND announced that Bybit was not in compliance with the Prevention of Money Laundering Act (PMLA). ByBit was directed to pay a Rs. 9.27 crore penalty by the regulator. In its announcement Bybit said it has settled the penalty and resolved prior regulatory lapses. “Bybit recognises the great potential of the Indian market. We have …

Bharat Web3 Association Signs Pro-Web3 MoUs with Australia, Indonesia: All Details

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The Bharat Web3 Association (BWA), India’s leading non-governmental advisory group for Web3, is expanding its international presence. On Wednesday, September 25, the BWA signed Memoranda of Understanding (MoUs) with Australia and Indonesia. This initiative aims to unite global Web3 efforts and collaboratively enhance the ecosystem’s growth. BWA Chairperson Dilip Chenoy noted that these MoUs represent a significant milestone in fostering a cohesive global Web3 landscape. In an official statement, the BWA emphasised that the regulatory frameworks and policies established by international bodies to foster the safe and regulated growth of the Web3 sector could also benefit India’s blockchain industry. Through these Memorandums of Understanding (MoUs), India, Australia, and Indonesia will collaborate on key Web3 areas such as research, education, and advocacy. The broader goal is to accelerate the adoption of blockchain-based solutions across multiple countries. In Australia, the BWA signed an MoU with the Digital Economy Council of Australia (DECA), formerly known as Blockchain Australia, which represents businesses and individuals exploring blockchain technology. Commenting on this MoU with the BWA, the spokesperson of the DECA …

BWA Lays Down Self-Regulatory Guidelines on Token Listings for Indian Crypto Exchanges

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Joining the Indian government in regulating the crypto sector and making it safe for engagement, the Bharat Web3 Association (BWA) has laid down some rules for service providers in the crypto sector to adhere to. The Web3 industry group has released guidelines for crypto exchanges to follow while considering the listing of new altcoins on their platforms. The aim is to reduce the risk of scam tokens entering India’s crypto ecosystem that may cause financial damage to the investor and trader communities. The self-regulatory guidelines are based on the PEC framework, that focusses on investor protection, market efficiency as well as credibility and safeguards. A total of 36 Web3 firms that are BWA members have provided suggestions for the formulation of these guidelines. The BWA has bifurcated these guidelines into two parts – Essential Metrics and Indexed Metrics. Under Essential Metrics, the guidelines suggest that all crypto exchanges must become the primary screening process. To do so, the exchanges have been directed to establish minimum standards to review tokens that are in the pipeline to …

India’s Diverse Bazaars to Democratise with Metaverse, Says BWA Chief; Hails Reliance and Nykaa

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The metaverse technology seems to have a bright future in India, use cases of which are being foreseen in plenty by experts from the industry. In a recent conversation with Gadgets360, Dilip Chenoy, the chairperson of Bharat Web3 Association highlighted a special industrial use case of the metaverse. Chenoy said, the hyper-realistic visuals that metaverse supports – will democratise the diverse bazaar ecosystem of the country and give it a powerful nudge on a global level. “AI-powered vendors will engage in negotiations digitally. Augmented Reality (AR) will allow you to virtually try on makeup, clothes, and accessories before making a purchase. This is not a distant reality; it’s the transformative potential the metaverse holds for Indian retail. In India, brands such as Reliance and Nykaa are at the forefront, experimenting with AR/ VR technologies to create virtual showrooms,” Chenoy told Gadgets360. The upcoming time has been termed as an ‘era of transformation’ for India’s retail sector. As far as the growth projection for the sector is concerned, India’s value retail market, excluding food and grocery, will …

India’s Crypto Tax Regime Draws Criticism from Bharat Web3 Association, Details Here

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India’s tax rules, that have often found themselves at the end of criticism from Indian investors, have yet again roped-in reproval from the Bharat Web3 Association (BWA). The industry body, that was founded in November this year, reportedly met with senior officials from India’s finance ministry to review and voice concerns about India’s crypto-related policies and judgement. During the discussion, representatives from BWA noted that India’s ‘unfriendly’ taxation on crypto gains is hindering the overall growth of the sector. The BWA, comprised of members from Indian crypto players like WazirX and CoinSwitch Kuber, is looking to participate actively in helping India formulate adequate laws to govern to virtual digital assets (VDA) industry. “The BWA aims to highlight the impact of the existing tax provisions such as TDS, tax on income from VDAs, and not allowing carrying forward of losses on the wider industry and share its inputs on suitable amendments,” a CryptoPotato report quoted the BWA representatives as saying. In India, all income churned from crypto transactions are being taxed at 30 percent since April …