Namaste Web3: Panel discusses development of global regulatory standards for Virtual Digital Assets

The panel comprising government representatives and industry deliberated on different aspects of blockchain, with a focus on building consensus on developing global regulatory standards for virtual digital assets

By Shashank Bhardwaj

Published: Mar 17, 2023 03:00:38 PM IST

Updated: Mar 17, 2023 03:05:19 PM IST

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CoinDCX and Forbes India organised the second edition of Namaste Web3 in Delhi on 11th March 2023. The event, titled "Is Web3 India's Next Big Thing for a $5 Trillion Economy?", focussed on discussing India’s potential to become a key player in the Web3 market. With a young population and initiatives like Digital India, Make in India, Startup India, and Atmanirbhar Bharat, India is well-positioned to advance its technological capabilities. Over 250 individuals, including policymakers, industry leaders, Web3 entrepreneurs and professionals, and Web2 stakeholders attended the event.

The concluding panel highlighted the need for Developing Global Regulatory Standards for Virtual Digital Assets. Moderated by Neha Bothra, Assistant Editor, Forbes India, the panel comprised Rama Vedashree, Advisor, Dallas Venture Capital; Mr. Gaurav Gogoi, Deputy Leader, Indian National Congress, Lok Sabha and two-time MP from Assam; Shweta Shalini, State Secretary BJP, Maharashtra and Spokesperson BJP; Mr. Gopal Jain, Sr. Advocate; and Mr. Prashant Garg, Partner Consulting, EY.

Putting light on the government's cautious approach when it comes to crypto, Mr. Gaurav Gogoi said, “Essentially, the Indian regulatory system is just studying what different countries around the world are doing, and hence the emphasis by our government on a cautious approach when it comes to crypto.” He further explained that the government has to be balanced in its approach given India’s diverse and burgeoning population.

On the other hand, Mr. Gopal Jain said that as the captain of the G20, it's time for India to show regulatory leadership. Innovative regulatory and policy frameworks providing the first principles are the need of the hour, he emphasised. “With Web3, the balance is between giving a spring board for supportive and innovative policies and yet looking at some of the issues that have troubled the regulators in the past,” said Mr. Gopal. “It's time for one uniform global framework - borderless and seamless.”

Mr. Prashant Garg drew attention to the need for the general public to understand Web3. “We see that people are confused about what Web3 is. Web3 is an umbrella word for a lot of things which essentially will allow the internet to read, write, and interact as well.” said Mr. Prashant. He added, “Blockchain and crypto are different. Blockchain is the technology that enables crypto, while crypto is a way to transact on a Blockchain.”

Emphasising on the positive sides of crypto and the need to harness its benefits, Rama Vedashree said, “We need positive measures rather than go down the path [of crypto] having global finance risk. If we do that, we're going to miss the bus on leveraging the technology. I do agree we need a regulatory response [to crypto] but we first need to harness the benefits of it."

"India is not the only country figuring out crypto. India is very diverse so we need to take appropriate measures. I feel that the G20 is a very good platform, because cross border global interoperability will make Blockchain more acceptable,” said Shweta Shalini, highlighting the importance of G20 when it comes to Blockchain.

All in all, the discussion touched upon various aspects of crypto and Blockchain technology, including the government's cautious approach towards crypto in India, the need for innovative regulatory and policy frameworks, education around Web3, positives of crypto, and the need to harness its benefits.

You can watch the entire discussion here.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash