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A Consumer Awareness Initiative to Educate and Protect Web3 and Crypto Investors
New Delhi, The Bharat Web3 Association (BWA), India’s leading industry body for Web3 companies, has launched the 100-day Crypto SAFE Campaign (S.A.F.E: Secure Asset & Financial Education) to promote responsible investing and digital security in the fast-evolving Web3 and virtual digital assets (VDA) space.
Since its launch on February 10, the campaign has been actively sharing simplified educational content on social media, covering crucial topics like cryptocurrency risks, cybersecurity threats (such as phishing scams and rug pulls), safe wallet management, and the importance of independent research (DYOR). A key focus of the initiative is to warn investors against unsolicited financial advice from fake social media profiles impersonating crypto exchange founders.
Strengthening Consumer Protection in Web3
BWA emphasizes that consumer safety is integral to the digital economy and is dedicated to equipping users, businesses, and stakeholders with the knowledge to navigate the Web3 ecosystem securely. A CloudSEK report ranked India as the world’s second most targeted nation for cyberattacks in 2024, with 95 Indian organizations falling victim to data breaches. Alongside cyber threats like phishing and smart contract vulnerabilities, Web3 investors also face misinformation, deceptive investment schemes, and high-risk trading strategies promoted without proper disclosures.
Industry Leaders Back the Initiative
Dilip Chenoy, Chairperson of BWA, highlighted the campaign’s importance:
“Web3 presents exciting opportunities but also unique challenges. The Crypto SAFE Campaign is designed to empower users by promoting informed decision-making, cybersecurity best practices, and the necessity of independent research. Additionally, we are spreading awareness about cybercrime reporting through the national hotline 1930, helping prevent fraud and scams.”
Backing the initiative, Sumit Gupta, Co-founder of CoinDCX, stressed the need for security:
“Crypto markets, like any other asset class, require due diligence and vigilance. At CoinDCX, user safety is our top priority, and we fully support BWA’s Crypto SAFE initiative to build a more secure crypto community.”
Ashish Singhal, Co-founder of CoinSwitch, echoed similar sentiments:
“The Crypto SAFE campaign is a timely and crucial initiative. By championing responsible investing and cybersecurity awareness, we can create a safer, more resilient Web3 ecosystem in India.”
Adding to the discussion, Alankar Saxena, CTO & Co-founder of Mudrex, emphasized the significance of secure digital assets:
“As crypto adoption grows, safeguarding investments becomes essential. BWA’s initiative is a step in the right direction.”
Towards a Safer and More Transparent Web3 Future
The campaign aligns with BWA’s broader mission of fostering a secure, transparent, and responsible Web3 environment in India. By providing users with essential knowledge and actionable guidelines, the association aims to reduce risks, promote informed decision-making, and build greater trust in blockchain technology and digital assets.
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