Image: ShutterstockLeading members from the Indian Web3 ecosystem came together and announced the launch Bharat Web3 Association (BWA) on Thursday, November 3. The driving force behind the association includes the founders of Hike, CoinDCX, CoinSwitch Kuber, Polygon, Coinbase, ZebPay, WazirX, ANQ Finance, Biconomy, Liminal, and Tax Nodes. The initiative aims to facilitate and support the development of India's Web3 ecosystem. Nischal Shetty, CEO of WazirX, said in a statement, "The aim of Bharat Web3 Association is to create and sustain an environment conducive to the development of India, partnering with Industry, Government, and regulatory authorities, through advisory and consultative processes. This organisation aims to work with the government to create a stable environment for the crypto ecosystem in India and a rules-based order that the Industry will follow."The Bharat Web3 Association will raise awareness through research in order to keep up with evolving Web3 technology. It will also work to establish standardised principles for the Web3 industry and to develop India's talent pool. BWA will further promote consumer interests by encouraging dialogue among key stakeholders.The Indian central bank continues to coerce banks into engaging with crypto platforms in India. In this situation, the BWA is expected to establish standardised principles in the Web3 industry. This organisation will also work to promote and encourage Web3 and blockchain innovation. Sandeep Nailwal, Co-Founder of Polygon Technology, highlighted the Web3 potential in this context. Talking about the key role that the association will play in the Web3 industry, Nailwal said,"Indian entrepreneurs have already made a mark in the ecosystem and are innovating for the world, developing valuable public use cases. BWA will play a pivotal role in helping India achieve its potential as a global Web3 leader."It is worth noting that BWA represents a branding shift toward Web3 from the previous Blockchain and Crypto Assets Council (BACC). The word Bharat represents the Indian nation. The BWA's members come from a variety of industries, including NFTs, Web3 Gaming, Infrastructure Providers, Virtual Digital Assets (VDAs), and Token Projects. In the upcoming G20 discussions, the association hopes to work with the government to develop a collaborative regulatory framework for digital assets. According to the BWA, India has the potential to lead the world over the next decade. India can achieve this by developing a strong Web3 ecosystem in line with the government's 'Make-In-India' initiative.Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.