Bharat Web3 Association has formed an independent SRB to encourage responsible practices, strengthen accountability and support sustainable growth in India’s VDA industry
NEW DELHI: The Bharat Web3 Association (BWA) has launched an independent Self-Regulatory Body (SRB) to promote governance standards and responsible business practices across India’s virtual digital asset (VDA) ecosystem.
The initiative aims to improve transparency, accountability and compliance among BWA members. The association said the SRB’s guidelines draw on global industry practices and frameworks developed by the Reserve Bank of India (RBI) for self-regulatory organisations, including those operating in the fintech sector.
Industry-Led Framework for Better Governance
The SRB will encourage members to follow BWA’s guidelines on fair trade, market integrity, cybersecurity, digital asset protection and customer data security.
Other focus areas include transparent token listings, consumer safeguards, grievance redressal and responsible marketing. The body will also conduct periodic reviews of relevant governance and compliance practices, including those linked to anti-money laundering and countering the financing of terrorism.
It will recommend corrective measures and provide guidance to members to help them improve their compliance processes.
Former Government and RBI Officials Join the SRB
BWA has appointed Rohit Kumar Singh, former Secretary to the Government of India and a retired IAS officer, as Chairperson of the SRB. Dr Praggya Das, former Adviser-in-Charge of the RBI’s Monetary Policy Department, has joined as a member.
BWA Chairperson Dilip Chenoy said the association had consistently called for risk mitigation and compliance-focused regulation in the VDA sector. He described the SRB’s formation as a step towards strengthening the industry’s compliance culture.
Leaders Call for Trust Alongside Innovation
Rohit Kumar Singh said emerging technologies could reach their full potential when innovation was supported by trust, transparency and accountability. He said the SRB would work towards credible governance and compliance standards to encourage responsible market practices and protect consumers.
Dr Praggya Das highlighted the sector’s younger investor base and its expansion into Tier 2, Tier 3 and Tier 4 cities. She said voluntary standards could help improve transparency, cybersecurity and complaint resolution while supporting retail investor interests.
Supporting the Sector’s Long-Term Development
The SRB will offer BWA members guidance on governance and compliance, with the aim of encouraging more consistent industry practices. The initiative places emphasis on accountability, consumer protection and responsible conduct as key parts of the sector’s development.
The body’s role will centre on self-regulatory guidelines and recommendations for BWA members. Its launch marks the association’s latest effort to encourage a more transparent and compliance-focused VDA ecosystem in India.
