Telangana govt launches Web3 regulatory Sandbox to promote startups, innovation

At the launch of India Blockchain Forum on Monday, Jayesh Ranjan, Principal Secretary of the departments of the Industries and Commerce (I&C) and Information Technology (IT) in the Telangana government, revealed the state's plans to introduce a Web3.0 regulatory Sandbox to support the growth and promotion of Web3 startups and innovation in the state.

The Sandbox will aid the shortlisted startups by providing governed data access, domain expertise, and other resources.

The Sandbox was launched with the aim to tackle the problems and challenges faced by Web3 startups, especially in the fields of DeFi, Metaverse, and Web3.0.

Jayesh Ranjan also launched the India Blockchain Forum and GMR Group’s Blockchain Centre of Excellence. In order to help create a comprehensive framework for the appropriate implementation of blockchain and Web3.0, the India Blockchain Forum intends to collaborate with governments, regulators, industry, and academics.

Prasanna Lohar, CEO, Block Stack; Pankaj Diwan, Founder and CEO, Idealabs FutureTech Ventures; Col Inderjit Singh, Chief Cyber Security Officer, Vara Technologies; blockchain evangelist Sharat Chandra; and Srinivas Mahankali, Chief Business Officer, Secure Kloud Technologies are the founding members of India Blockchain Forum.

The forum comprises more than 40 influencers, and is setting up special interest groups (SIGs) in areas such as CBDC (Central Bank Digital Currency), metaverse, policy framework, and NFTs for blockchain and Web3.0 adoption.