Last year, the government has not announced new rules or amended its approach to the Web3 industry, which has registered with the Financial Intelligence Department – India (FIU-IND) last year. While the country gradually explores the industry, the number of Web3 companies in India has gradually increased. In a recent report, the Bharat Web3 Association (BWA) noted that India’s Web3 ecosystem has formed more than 400 companies, and a state has become the industry hub for the country’s cryptocurrency sector.
The report shows that Karnataka has become a hot spot for Web3 companies, with at least 97 Web3 companies. Other states in India’s increased Web3 companies include Maharashtra, Telangana, Haryana and Uttar Pradesh.
Meanwhile, the report says blockchain solutions are the Web3 vertical industry, with the largest concentration of companies operating internally. Currently, BWA has identified 79 companies for research and development around the use cases of blockchain technology.
However, given that blockchain exploration is a Web3 field, the government has expressed its desire for it. Even TRAI relies on blockchain technology to blacklist spam calls.
A total of 18.7% of Web3 companies in India focus on developing blockchain-based solutions to improve areas such as supply chain management, healthcare and fintech. “We want to quantify and draw attention to startups in India’s silent Web3 revolution,” said BWA Chairman Dilip Chenoy.
After blockchain services, the next most popular Web3 field is the exchange business of virtual digital assets. A total of 42 Web3 brands are working around VDA transactions – accounting for 42% of 422 companies.
Blockchain infrastructure companies, decentralized finance, gaming and entertainment are other areas that attract entrepreneurs who want to build a Web3 business, the report said.
“At Meity, we are committed to fostering a Web3 ecosystem that is conducive to technological advancement while ensuring strong digital governance. The rise of Web3 Technologies provides us with development use cases, while fostering an inclusive digital economy through enhanced transparency. , serving the public interest through enhanced transparency. “I believe Indian innovators have proprietary technology to not only browse this emerging space, but also lead it.”
