New Delhi: In response to the growing cyber threats facing the Web3 ecosystem, Bharat Web3 Association (BWA) is excited to announce the Alliance for Blockchain and Crypto Defense (ABCD) launch. This new initiative aims to create a safer, more transparent environment for all stakeholders in the Web3 space. Initially focused on India, the alliance is designed to expand globally, incorporating Web3 firms and industry associations worldwide.
Commenting on the alliance, Dilip Chenoy, Chairperson of Bharat Web3 Association, stated, “Cybersecurity is one of the top priorities to ensure that the Web3 ecosystem fulfils the aspirations of all the relevant industry stakeholders. Our goal is to meet all the regulatory requirements without compromising on growth. Building trust around Web3-related products and services holds the key to mass adoption of emerging technologies in India and globally.”
Mr. Chenoy added “Through this alliance, we are committed to putting together a collaborative framework that responds to current challenges while promoting long-term trust among users and investors. Together, we can build a safer digital future.”
As cases of scams and cyberattacks continue to rise, the BWA recognizes the urgent need for collective action. The new alliance will focus on several critical endeavors:
- Strengthening Security and Trust: By pooling resources and expertise, members will collaborate on developing robust security protocols and strategies to combat scams within the ecosystem.
- User and Investor Education: The partnership will, therefore, engage consumers in emerging scamming techniques, security measures, as well as risk mitigation strategies through all media channels.
- Standardizing Best Practices: The alliance will establish and promote industry-wide best practices for identifying, reporting, and mitigating scams.
- Collaboration with Regulatory Bodies: The collaboration will coordinate with the country’s various regulatory authorities, including MeitY, State Cybercrime Cells, CERT-In, I4C, and FIU-IND, to comply and create a culture of trust.
- Information Sharing: The members will share real-time information on scam activities, faster detection, and prevention of fraudulent activity.
- Tracking Stolen Funds: The partnership aims to identify stolen assets by tracking suspicious wallet IDs in cooperation with crypto analytics firms and cybersecurity institutions.
The BWA encourages participation by all stakeholders involved in the Web3 sector, from startups to established firms. As the alliance develops, it will also invite key individuals to provide strategic guidance regarding how to achieve the objectives of the alliance.
BWA looks forward to developing a collaborative structure that not only addresses the current cybersecurity challenges but also furthers long-term trust and accountability in the rapidly evolving landscape of Web3.
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About Bharat Web3 Association:
Bharat Web3 Association is an industry body uniting leading members from India’s Web3 ecosystem. BWA is committed towards raising awareness, conducting research, establishing industry standards, nurturing the Indian talent pool, protecting consumers’ interests, and encouraging stakeholder dialogue to build a buoyant Web3 ecosystem in India. As part of its mission statement, BWA strives to educate through thought leadership, collaborate with critical stakeholders, and promote our objectives as the face of the industry.
The association’s mission is to help India realise its vision of being a leading digital economy. The Association facilitates collaboration between the regulatory bodies and the ecosystem to create awareness about the new age technology and the emerging asset classes and takes its cues from global case studies on Web3 technology use cases, its acceptance, and its diverse benefits.
