BWA’s new self-regulatory body will promote cybersecurity, transparent token listings, grievance redressal and stronger compliance among VDA sector members
NEW DELHI: The Bharat Web3 Association (BWA) has established an independent Self-Regulatory Body (SRB) to encourage stronger compliance and consumer safeguards across India’s virtual digital asset (VDA) industry.
The body will promote standards for cybersecurity, transparent token listings, customer data protection, grievance redressal and responsible marketing. BWA said the initiative aims to improve governance and accountability among its members as the Web3 ecosystem continues to develop.
Guidelines Cover Key Consumer Safeguards
The SRB will encourage member organisations to follow BWA’s self-regulatory guidelines on fair trade, market integrity and the protection of digital assets and customer information.
It will also review relevant governance and compliance practices, including those related to anti-money laundering and countering the financing of terrorism (AML/CFT). Based on its reviews, the body will recommend corrective steps and offer guidance to members seeking to strengthen their systems.
The guidelines draw on global industry practices and frameworks that the Reserve Bank of India has issued for self-regulatory organisations, including in the fintech sector.
Experienced Professionals Appointed to SRB
BWA has named Rohit Kumar Singh, a retired IAS officer and former Secretary to the Government of India, as Chairperson of the SRB. Dr Praggya Das, former Adviser-in-Charge of the RBI’s Monetary Policy Department, will serve as a member.
BWA Chairperson Dilip Chenoy said the association had advocated risk mitigation and compliance-focused regulation for the VDA sector. He said the new body reflected the association’s commitment to encouraging compliance within the industry.
Focus on Retail Investors
Dr Praggya Das said the SRB’s formation was timely, noting that around 75% of VDA investors were aged 18–35, according to the figures cited in her statement. She also pointed to growing adoption in Tier 2, Tier 3 and Tier 4 cities.
Das said voluntary standards for transparency, cybersecurity, consumer protection and complaint resolution could help establish market discipline and strengthen retail investor safeguards.
Rohit Kumar Singh said innovation in emerging technologies must go hand in hand with trust, transparency and accountability. He added that credible governance standards could support responsible market practices and build public confidence.
A Self-Regulatory Approach
The SRB will focus on encouraging participating businesses to improve their governance and compliance practices. Its recommendations are intended to guide members towards stronger internal standards and more responsible conduct.
The initiative introduces an industry-led framework within BWA. Its effectiveness will depend on how members adopt the guidelines and implement the recommended improvements.
