News Update

Telangana Government announces the launch of the Web 3.0 regulatory Sandbox 2022

• ByStartupStory     |    August 22, 2022

At the India Blockchain Forum launch event, the Department of Industries and Commerce (I & C) and Information Technology (IT) Principal Secretary Jayesh Ranjan announced plans to construct a Web 3.0 regulatory Sandbox. This will aid in the development and promotion of Web 3.0 technology, the ecosystem, and startups in the state.

Telangana Govt – Telangana IT Principal Secretary Jayesh Ranjan stated, “We are setting up a Web 3.0 regulatory sandbox to alleviate the uncertainty and ambiguity around Web 3.0.” Along with the GMR Group’s Blockchain Center of Excellence, Jayesh Ranjan also introduced the India Blockchain Forum for Blockchain CoE, Polygon, CoinEarth, the India Blockchain Forum, and Very Once, which have joined forces with GMR Innovex, the innovation division of the GMR Group.

The sandbox will benefit the businesses that made the short list in a variety of ways, including by giving them access to controlled data and subject matter experts. Additionally, Ranjan stated, “The governance mechanisms and the structure of this regulatory sandbox would be addressed in a bigger forum with your comments and suggestions will be taken into consideration.” 

The Forum proposes a framework for working with regulators, businesses, universities, and governments. Its objective is to aid in the development of a comprehensive framework for the sensible use of Blockchain and Web3.0. To enhance access to international best practices and raise awareness, it will also establish neighborhood chapters across the nation.

The goal of the sandbox is to tackle the problems and obstacles that Web3 entrepreneurs are encountering, notably in the fields of DeFi, Metaverse, and Web3.0. The GMR Group Blockchain Center of Excellence has been announced in conjunction with the Telangana government’s announcement that Hyderabad will become a Blockchain District in 2018, complete with a Center of Excellence, an Incubation Center, and other facilities.

The India Blockchain Forum was founded by Colonel Inderjit Singh, Director of Cyber Security, Vara Technologies, Sharath Chandra, Blockchain Evangelist, and Srinivas Mahakali, Chief Commercial Officer, Secure Cloud Technologies. Prasanna Lohar, CEO, Block Stack. Pankaj Dewan, Founder and CEO, Ideallabs Futuretech Ventures.

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