Q1: What are the expectations of the Web3 players from the G20 India presidency?
As the next iteration of the Internet, Web3 promises to serve as the foundation for new forms of economic and social interaction emerging from platforms that allow people to collaborate, create, exchange, and take ownership of their digital identities and assets.

However, as the space is complex, dynamic and disruptive, it also poses several challenges to existing regulatory principles.

The industry appreciates that the G20 agenda prominently features the development of a global consensus on crypto regulations. Cryptocurrency is a key component of Web3 and we wholeheartedly support the G20’s approach to building consensus on the issue.

We expect the G20 nations to take a balanced and principled approach to regulation. It is important to mitigate the risks associated with this space while ensuring that its potential is optimally harnessed and innovation is encouraged.

We also expect the G20 to carry out extensive stakeholder and industry consultations as it shapes its regulatory framework. The Web3 space has several nuances and idiosyncrasies that warrant such consultation with subject matter experts, objective third parties, and industry players.

Q2: Is India’s position as G20 chair likely to affect the outcome?
We believe that India’s decision to use its presidency to address global challenges, with a specific focus on developing countries and the global south, is a critical step in the right direction.

With its wide-ranging impact, Web3 will prove instrumental in driving growth, especially in developing economies like India. Thus, it presents a unique opportunity for India and other similar economies to tap their potential to drive growth.

India already plays a key role in the global Web3 ecosystem, hosting over 50,000 Web3 developers and providing 11% of global Web3 talent. This number is only increasing. If the momentum continues, India will be home to a greater number of Web3 unicorns than seen on Web2 in the last 10 years. Estimates suggest that Web3 can bring USD 1.1 trillion to the Indian economy by 2032.

We hope that India will use its G20 presidency to build consensus around the benefits of Web3, especially for developing nations, and work to address the risk it poses in a balanced way.

Q3: Why is there a pressing need for global consensus?
It is now widely recognized that the Web3 space is, by definition, borderless to an unprecedented degree. The risks it poses and the opportunities it offers are universal in nature.

Various nations have tried to unilaterally address these concerns, however due to its borderless nature, unless there is a global consensus on the issue, this space cannot be effectively regulated and fostered.

Q4: Will Web3 players participate in consultations on the issue?
The Bharat Web3 Association is an industry body uniting the leading members of the Indian Web3 ecosystem. It was created with the primary goal of partnering with the government and helping navigate transparent policies for the Web3 space.

We are committed to assisting authorities in any way possible, including but not limited to conducting investigations, sharing experience/knowledge/technical data, and establishing a platform for constructive dialogues.