Bharat Web3 Association has launched an independent self-regulatory body to promote compliance, consumer protection and transparency in India’s VDA sector
NEW DELHI: The Bharat Web3 Association (BWA) has launched an independent Self-Regulatory Body (SRB) to promote governance, transparency and compliance across India’s virtual digital asset (VDA) sector.
The new body aims to encourage responsible business practices, strengthen consumer protection and establish consistent standards for companies operating in the Web3 and digital asset ecosystem. Its guidelines draw on global industry practices and frameworks issued by the Reserve Bank of India (RBI) for self-regulatory organisations, including those in the fintech sector.
SRB to Focus on Compliance and Consumer Protection
The SRB will encourage BWA members to follow the association’s self-regulatory guidelines across several areas. These include fair trade, market integrity, cybersecurity, protection of digital assets and customer data, transparent token listings, consumer protection and grievance redressal.
The guidelines also cover responsible marketing and communications. The body will periodically review relevant governance and compliance practices, including measures related to anti-money laundering and countering the financing of terrorism (AML/CFT).
Following these reviews, the SRB will recommend corrective measures and provide guidance to help members improve their internal practices.
Rohit Kumar Singh to Lead the Body
BWA has appointed Shri Rohit Kumar Singh, a retired Indian Administrative Service (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 of the body.
BWA Chairperson Dilip Chenoy said the association had consistently advocated risk mitigation and compliance-focused regulation for the VDA sector. He said the formation of the SRB marked a step towards fulfilling its commitment to promoting compliance within the industry.
Industry Leaders Highlight Trust and Accountability
Rohit Kumar Singh said emerging technologies need trust, transparency and accountability alongside innovation. He added that self-regulation could help protect consumers, encourage responsible market practices and strengthen public confidence in the VDA sector.
Dr Praggya Das described the initiative as timely, citing the participation of younger investors and the expansion of digital asset adoption into smaller cities.
She said voluntary standards covering transparency, cybersecurity, consumer protection and grievance redressal could encourage market discipline and help safeguard retail investors.
Focus on Responsible Growth
The SRB is intended to provide a framework for BWA members to strengthen governance and compliance practices as the VDA ecosystem evolves. Its work will focus on promoting responsible conduct, improving consumer safeguards and encouraging greater accountability among participating businesses.
The association hopes the initiative will help build confidence in the sector while supporting its long-term development.
