The Bharat Web3 Association (BWA), an Indian crypto and Web3 advocacy group, has reportedly written a letter urging the government to take action against offshore entities operating in the country. The letter, written by the BWA Chairman and submitted on December 16, highlights concerns about the impact of offshore entities on the Indian crypto market and urges the government to take measures to protect local participants.
The BWA has expressed concerns about the lack of regulation and oversight of offshore entities operating in the Indian crypto market. They argue that these entities pose a risk to the integrity of the market and can potentially harm local participants. As such, the BWA has requested that the government take action to address these concerns and ensure a level playing field for all participants in the market.
The Indian government has taken a somewhat cautious approach towards cryptocurrencies and Web3 technologies. While they have expressed concerns about the potential risks associated with these technologies, they have also recognized the potential benefits and are considering regulatory frameworks to govern their use. The BWA’s letter appears to be part of a wider effort to engage with the government and ensure that any regulations put in place are fair and conducive to the growth of the industry.
It remains to be seen how the Indian government will respond to the BWA’s letter. However, it is clear that there is growing recognition of the need to regulate the crypto and Web3 space in India. This is a positive development for the industry as it provides much-needed clarity and certainty for participants, while also protecting consumers and investors from potential risks.
