Bharat Web3 Association (BWA), India’s non-governmental Web3 advisory body, is taking a step to act on the growing cybersecurity threats looming large over the crypto sector. On Monday, December 2, the BWA announced the launch of the Alliance for Blockchain and Crypto Defence (ABCD). As part of this initiative, BWA will put together resources and programmes around newer technologies and methods that can help safeguard the Web3 landscape against hackers and vulnerabilities.

“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,” BWA Chairperson Dilip Chenoy said in a statement shared with Gadgets360.

From standardising practices for identifying, reporting and mitigating scams to engaging community members in cybersecurity awareness sessions – BWA is looking at a comprehensive approach towards tackling Web3 security issues.

BWA will collaborate with the MeitY, State Cybercrime Cells, CERT-In, I4C, and the Financial Intelligence Unit – India (FIU-IND) to open discussions around current cybersecurity challenges and find applicable solutions.

In the later stages of the growth of the ABDC, BWA aims to expand the initiative globally. Through the initiative, the association is expecting to open gates to industry-specific information sharing on an international level, while also increasing dialogue with authorities all around the world.

“As the alliance develops, it will also invite key individuals to provide strategic guidance regarding how to achieve the objectives of the alliance,” the statement from BWA noted.

Earlier in September, an FBI report said customers lost more than $5.6 billion (roughly Rs. 47,029 crore) last year through cryptocurrency related frauds, marking a 45 percent jump from 2022. In the same report, the FBI also said that hackers and scammers had become more sophisticated in terms of deploying their attacks. The tracking of lost funds via crypto fraud is also part of ABDC’s agenda.

“The partnership aims to identify stolen assets by tracking suspicious wallet IDs in cooperation with crypto analytics firms and cybersecurity institutions. The alliance will develop a centralised platform where members can report fraudulent activities, which will be monitored and reviewed by a team of cybersecurity professionals. This will also include a Common Blacklist for Users, Entities, with addresses being collated from participants,” BWA said.

In the coming months, BWA will be open to Web3 stakeholders who can help the ABCD stay rooted in its idea of tacking cybersecurity issues.

BWA, founded in 2022, has been expanding its footprint outside of India this year. In September, for instance, it signed MoUs with Australia and Indonesia for coming together on Web3-related matters.

The Bharat Web3 Association (BWA), India’s leading non-governmental advisory group for Web3, is expanding its international presence. On Wednesday, September 25, the BWA signed Memoranda of Understanding (MoUs) with Australia and Indonesia. This initiative aims to unite global Web3 efforts and collaboratively enhance the ecosystem’s growth. BWA Chairperson Dilip Chenoy noted that these MoUs represent a significant milestone in fostering a cohesive global Web3 landscape.

In an official statement, the BWA emphasised that the regulatory frameworks and policies established by international bodies to foster the safe and regulated growth of the Web3 sector could also benefit India’s blockchain industry.

Through these Memorandums of Understanding (MoUs), India, Australia, and Indonesia will collaborate on key Web3 areas such as research, education, and advocacy. The broader goal is to accelerate the adoption of blockchain-based solutions across multiple countries.

In Australia, the BWA signed an MoU with the Digital Economy Council of Australia (DECA), formerly known as Blockchain Australia, which represents businesses and individuals exploring blockchain technology.

Commenting on this MoU with the BWA, the spokesperson of the DECA said, “Recognising the growth and potential of this technology within India and Australia through fostering opportunities between our members, we hope to see the industry continue to flourish across borders.”

In Indonesia, the BWA has formed a partnership with the Asosiasi Blockchain Indonesia, a non-profit organization dedicated to advancing the adoption and development of blockchain technology in the region.

“We view our partnership with the BWA as a vital opportunity to collaboratively enhance cross-border blockchain adoption,” said Asih Karnengsih, Executive Director of Asosiasi Blockchain Indonesia, commenting on the development.

Prior to signing these MoUs with Australia and Indonesia, the BWA had teamed up with the Japan ANICANA Dealers Association (JADA) to collaborate on the growth of Web3 services.

In India, the BWA has urged the finance minister Nirmala Sitharaman to provide a level playing field for Web3 businesses.