Jayesh Ranjan, Telangana’s principal secretary, department of Industries & Commerce (I&C) and Information Technology (IT), announced plans to launch a Web3.0 Regulatory Sandbox to help build and promote web3.0, startups, innovation, technology, and ecosystem in the state during the India Blockchain Forum Launch event.
The Sandbox will assist the shortlisted startups in a variety of ways, including governed data access and domain knowledge experts. Furthermore, Ranjan stated that the composition of this regulatory sandbox and governance structures, which will delve into questions such as what will be delivered and what will be called for, will be discussed in a larger forum and will incorporate their inputs and suggestions The Sandbox aims to address the issues and challenges that web3 startups face, particularly in the areas of DeFi, Metaverse and Web3.0.