Bharat Web3 Association Launches Self-Regulatory Body to Strengthen Governance and Compliance in the VDA Sector
New Delhi : Bharat Web3 Association (BWA), India’s only industry body representing participants across the Web3 and Virtual Digital Asset (VDA) ecosystem, today, announced the launch of an Independent Self-Regulatory Body (SRB) to strengthen governance, encourage responsible practices and promote greater transparency and accountability across the VDA ecosystem. The SRB guidelines draw from the global best practices across the sector, as well as frameworks issued by the Reserve Bank of India (RBI) for SROs in India, including in the FinTech sector.
The SRB will encourage member adherence to BWA’s self-regulatory guidelines across key areas, including fair trade and market integrity, cybersecurity, safeguarding of digital assets and customer data, transparent token listing, consumer protection, grievance redressal, and responsible marketing and communications. It will also conduct periodic reviews of relevant governance and compliance practices, including those relating to anti-money laundering and countering the financing of terrorism (AML/CFT). The SRB will recommend corrective measures to provide guidance to support members in strengthening their practices.
BWA is also pleased to announce the composition of its SRB, with Shri Rohit Kumar Singh (IAS, Retd.), Former Secretary to the Government of India, as Chairperson-SRB, and Dr. Praggya Das, Former Adviser-in-Charge, Monetary Policy Department, RBI, as Member-SRB.
Speaking on the launch of the SRB, Shri Dilip Chenoy, Chairperson, Bharat Web3 Association, said, “BWA has consistently advocated for risk mitigation and for compliance-focused regulation of the VDA sector in India. With the constitution of the SRB, I am pleased that BWA has acted on its commitment to fostering compliance within the sector.”
Shri Rohit Kumar Singh, Chairperson-SRB, said, “Emerging technologies can realise their full potential only when innovation is accompanied by trust, transparency and accountability. In a rapidly evolving sector such as virtual digital assets, robust self-regulation can play an important role in protecting consumers, promoting responsible market practices and strengthening public confidence. Our endeavour at the SRB will be to establish credible standards of governance and compliance. Ultimately, the long-term success of this industry will depend not merely on technological advancement, but on the trust it earns from consumers and society.”
Dr. Praggya Das, Member SRB, commented that for a rapidly expanding virtual digital assets sector in India, which has about 75% of VDA investors aged 18–35 years and adoption expanding rapidly into Tier 2, 3, and 4 cities, the launch of an independent SRB by BWA is a timely step. In an unregulated market, setting voluntary standards for transparency, cybersecurity, consumer protection and grievance redressal would instil much needed market discipline and build trust. This would help safeguard retail investors’ interest.
