Bharat Web3 Association Backs Blockchain Potential in Australia and India With New Partnerships | The Fintech Times

India-based Web3 association, Bharat Web3 Association, is expanding into Australia, after signing agreements with the Digital Economy Council of Australia (DECA), the voice for businesses and innovators utilising blockchain and distributed ledger technology (DLT), and Asosiasi Blockchain Indonesia, a non-profit organisation looking to mobilise blockchain technology in the region.

After signing memorandums of understanding with DECA and Asosiasi Blockchain Indonesia, Bharat Web3 Association (BWA) aims to align India’s Web3 sector with international standards and best practices.

Through the new partnerships, BWA takes another step toward creating a collaborative environment focused on knowledge-sharing, industry development, and the establishment of global standards within the Web3 landscape. It hopes the partnerships will help drive innovation, accelerate blockchain adoption, and accelerate knowledge transfer, contributing to the growth of India’s Web3 sector.

Dilip Chenoy, chairperson at Bharat Web3 Association, commented: “The signing of these MoUs marks a significant moment for the Bharat Web3 Association. By joining forces with DECA and Asosiasi Blockchain Indonesia, we embark on a shared mission to elevate Web3 innovation and standards globally.

“India is the third largest digitalised economy in the world, which offers fertile ground for Web3 innovation and also enables India to become a global delivery centre for Web3 first products and services.”

Backing Web3 potential

In Australia, the Web3 sector contributes AU$2.1billion ($1.428billion) and employs around 11,600 skilled workers. In India, the Web3 industry contributed over Rs 1,260 crore (USD 150 million) in taxes in the last fiscal year (source). This data proves that the Web3 industry has tremendous potential to contribute to economic growth and job creation in our respective countries.

“We view our partnership with the Bharat Web3 Association as a vital opportunity to collaboratively enhance cross-border blockchain adoption,” explained Asih Karnengsih, executive director of Asosiasi Blockchain Indonesia. “Together, we aim to empower the region through shared initiatives, knowledge exchange, and joint projects that drive meaningful impact.”

Bharat Web3 Association has already created symbiotic partnerships with reputed industry bodies in Singapore and Japan. The global partnerships also hope to benefit all the relevant stakeholders in the industry in India, Australia, and Indonesia, as they aim to create a more homogeneous global Web3 ecosystem.

Overall, this collaboration also bolsters India’s aim to become a $1trillion digital economy and position itself as a leader in digital infrastructure and services. The regulatory frameworks and policies established by DECA and Asosiasi Blockchain Indonesia can significantly benefit India’s Web3 sector.