Telangana’s principal secretary for the industries and commerce (I&C) and information technology (IT), Jayesh Ranjan, made an announcement regarding the launch of a Web3.0 Regulatory Sandbox to support the development and promotion of web3.0, startups, innovation, technology, and ecosystem in the state.
Announcing the launch, Ranjan said. “In order to help in clearing the confusion and ambiguity around Web3.0, we are setting up a regulatory sandbox on web 3.0.
The Sandbox will offer the shortlisted firms support in several ways, including governed data access and subject matter experts. Additionally, Ranjan added, the structure of this regulatory Sandbox and the governance structures that will look into issues like what will be given and what will be required will be explored in greater detail and take into account their thoughts and ideas.
The Sandbox intends to address the issues and obstacles that web3 entrepreneurs face, especially in the DeFi, Metaverse, and Web3.0. Ranjan did not mention the exact time of the Sandbox.
India Blockchain Forum Officially Launches
Ranjan formally introduced the India Blockchain Forum, previously known as an informal group in India’s blockchain industry.
The Forum was founded by Prasanna Lohar, CEO of Block Stack; Pankaj Diwan, founder and CEO of Idealab’s FutureTech Ventures; Col. Inderjit Singh, chief cyber security officer of Vara Technologies; Sharat Chandra, an advocate for blockchain technology, and Srinivas Mahankali, a chief business officer of Secure Kloud Technologies, envisions working with regulators, industry, academia, and the public sector.
The goal is to assist in creating a comprehensive framework for properly adopting blockchain and web3.0. It will also establish community chapters nationwide to raise awareness and provide access to international best practices.