Telangana is taking regular steps to prepare the state for Web3 blockchain services, the new integration of the internet and world wide web with blockchain technologies, where users will own their identities and data. The state officials have recently launched a sandbox, an experimental, live platform to test and explore Web3 products and solutions in a regulatory space. The Regulatory Sandbox was launched in Bengaluru at the EthIndia event.
The Regulatory Sandbox is meant to test Web3 products and evaluation how well they navigate the regulatory frameworks in India. The issue of regulations and their ambiguity was also mentioned, as it affects the new Web3 ventures who aren’t therefore confident of creating new products and solutions with Web3. The sandbox will also see the participation of national level regulator bodies, thus making it of relevant to product makers working at the national level.
Any entrepreneur or venture can try out their Web3 product or solution in the regulatory sandbox launched by Telangana. The platform will thus help testing of such solutions, and will also facilitate support. Apart from products and services, the sandbox can also be used to test new business models and policies.
Telangana has also announced collaboration with Devfolio for conducting Web3 events in Hyderabad. The first event to be organized in February 2023 will be called EthforAll, and the focus will be on public goods.
The sandbox has been launched in collaboration with Coinbase, the US-based crypto exchange. The state had recently signed an MoU with Coinbase to nurture a Web3.0 community. Coinbase aims to nurture developers and entrepreneurs for Web 3.0. The collaboration includes holding mentorship sessions, and technology support and advice for Web3.0 and other such state initiatives.
In Telangana, the T-Hub, formed in 2015, is a mentoring, investor networking and facilitating ecosystem that aims to connect startups in blockchain and Web3.0 space with investors and industry experts. T-Hub is currently inviting applications for T-Angels (Cohort-5) and the last date to apply is 22 December, 2022.
Telangana has developed many blockchain services for addressing public challenges. According to the IT and Industries Minister KT Rama Rao, Telangana has created a pioneering and dedicated vertical Emerging Technologies Wing (ET Wing). The uses cases of the Wing are focused on addressing public issues, and many startups have come up with solutions in areas such as microfinance, supply chains, voting and more. Web3 is the latest evolution in these technologies.
At the launch, Emerging Technologies director Rama Devi stated that the sandbox will help all stakeholders working in the Web 3.0 environment. The sandbox will have several benefits, and will also help regulators figure out obstacles to innovation in this space.
The Regulatory Sandbox of Telangana can be used for a maximum of six months. Applications will be accepted twice in a year, and will absorb around 10-15 participants to begin with. The feedback and inputs from the sandbox will be shared with regulatory bodies, and these may be utilized when necessary to frame state policy drafts.
Sources:
https://telanganatoday.com/telangana-coinbase-join-hands-to-build-strong-web-3-0-community
https://telanganatoday.com/web-3-0-regulatory-sandbox-telangana-launches-application-process
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