Web3 technology leverages blockchains, cryptocurrencies, and NFTs to return ownership and authority to consumers. However, Web3 regulations are still in their infancy, and there is a continuous need for the framework of laws to regulate the industry to ensure users are protected from financial instabilities and data-related frauds. Many countries, including India, lack effective regulations for the market, causing businesses to relocate their operations to more cryptocurrency-friendly cities. Telangana state in India has taken the first move towards establishing a supportive regulatory environment for experimenting with blockchain apps through its Web3 Regulatory Sandbox initiative. India should consider informing and warning cryptocurrency holders about hacking and cyberattacks, holding crypto-asset issuers accountable for losses, and developing regulatory frameworks to minimize fraud and hacks. Timely progress updates on policy development can nurture faith in crypto users and Web3 startups, and more Telangana-model initiatives can place India as a safer, fertile ground for Web3 innovation. (Sr. Technical Content Writer)
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