Bharat Web3 Association Teams Up With Japan's JADA to Boost Sector Growth

BWA and JADA will undertake Web3 initiatives around cryptocurrencies, metaverse, non-fungible tokens, advanced gaming ecosystems, and blockchains.

Written by Radhika Parashar, Edited by David Delima | Updated: 16 April 2024 13:51 IST

Bharat Web3 Association Teams Up With Japan's JADA to Boost Sector Growth

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Web3 market experts are betting big on Asia’s potential to drive innovation into the sector

Highlights

Japanese PM Fumio Kishida is said to be pro-Web3 technology
India is home to over a thousand Web3 startups
BWA and JADA plan to exchange insights and R&D around Web3

The Web3 sector is witnessing a rapid expansion globally, as clusters of countries are collectively (as well as independently) setting guidelines and legal frameworks to regulate the sector. In a bid to explore ways to grow the Web3 ecosystem in Asia, Web3 support groups from India and Japan have decided to team up to boost growth in the sector. India's Bharat Web3 Association (BWA) has struck a partnership deal with the Japan ANICANA Dealers Association (JADA) will now work together to foray deeper into Web3-related research and development.

This week, the BWA and the JADA signed a memorandum of understanding (MoU). Under this agreement, the organisations will embark on joint Web3 initiatives around cryptocurrencies, metaverse, non-fungible tokens (NFTs), advanced gaming ecosystems, and blockchains.

“We hope to exchange insights on use cases, manage risks through regulatory frameworks, and develop policies while sharing compliance best practices,” Dilip Chenoy, Chairperson, Bharat Web3 Association said in a prepared statement.

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Both, India and Japan, have already been making strides in the Web3 arena. As per a recent report by Hashed Emergent, India has emerged as a lucrative location for Web3 activities. With over a thousand startups already having been founded in the sector, India currently holds 12 percent of global blockchain developers. The report also noted that India has claimed the top spot for on-chain adoption in 2023, ahead of 150 other countries and boasting over 35 million trading accounts on top Indian exchanges.

Web3 technology in Japan is also expected to grow, and prime minister Fumio Kishida is said to have adopted a friendly stance towards Web3 technology. Last year, the Japanese premier reportedly stated he would help to ffoster the technology with more Web3 promotion policies.

The areas of blockchain gaming and blockchain use cases are seen as major propellers driving the Web3 revolution in Asia, according to market experts.

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Bitget, a crypto exchange, launched a $100 million fund pool for Web3 growth and development in April 2023. Other firms like Alibaba Cloud and Near Foundation are also working on growing these technologies in Asia.

With several industry players betting big on Web3 expansion in Asia, industry bodies like the BWA and the JADA are aiming to boost research and development in the Web3 sector. “Our goal is to conduct research, surveys, and provide development support for businesses and products, contributing to the healthy development of the industry and the protection of users. We place great importance on establishing and guiding self-regulation, rules, and guidelines necessary to ensure proper operation,” said Keiko Tanaka, Chairperson, Japan ANICANA Dealers Association in a prepared statement.

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Further reading: Cryptocurrency, Japan, Web3, JADA, BWA

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More