The independent body will promote industry-wide standards for cybersecurity, consumer protection, transparent token listings and regulatory compliance, with former government and RBI officials appointed to key positions.
New Delhi, October 28, 2026: Bharat Web3 Association (BWA) has launched an Independent Self-Regulatory Body (SRB) to strengthen governance, improve compliance and promote responsible growth across India’s virtual digital asset (VDA) ecosystem.
The initiative aims to establish consistent industry standards, improve transparency and accountability, and strengthen consumer protection in the rapidly evolving digital asset sector. According to BWA, the SRB’s guidelines draw on global industry best practices and frameworks issued by the Reserve Bank of India (RBI) for self-regulatory organisations in India, including those operating in the fintech sector.
BWA describes itself as an industry body representing participants across the Web3 and VDA ecosystem in India. The launch of the SRB reflects the association’s focus on encouraging compliance-oriented practices and strengthening trust in the country’s digital asset industry.
SRB to Focus on Consumer Protection and Market Integrity
The newly established SRB will encourage BWA members to follow the association’s self-regulatory guidelines across several critical areas. These include fair trade practices, market integrity, cybersecurity, protection of digital assets and customer data, transparent token listings, consumer protection and grievance redressal.
The guidelines will also cover responsible marketing and communications to encourage greater transparency in how digital asset products and services are presented to consumers.
In addition, the SRB will periodically review relevant governance and compliance practices, including those related to anti-money laundering (AML) and countering the financing of terrorism (CFT).
Based on its reviews, the body will recommend corrective measures and provide guidance to help members strengthen their internal processes and compliance practices.
The initiative is intended to encourage greater accountability among industry participants. However, the SRB is an industry-led self-regulatory mechanism, and its launch does not, by itself, establish a statutory regulatory framework for the VDA sector.
Former Government Secretary to Lead the SRB
BWA has announced the appointment of Shri Rohit Kumar Singh, IAS (Retd.), former Secretary to the Government of India, as Chairperson of the SRB.
Dr. Praggya Das, former Adviser-in-Charge of the Monetary Policy Department at the RBI, has been appointed as a Member of the body.
The appointments bring experience from public administration and monetary policy to the initiative, as the organisation seeks to develop governance and compliance standards for the digital asset ecosystem.
BWA Reaffirms Its Focus on Compliance
Commenting on the launch, Shri Dilip Chenoy, Chairperson of Bharat Web3 Association, said the association had consistently advocated risk mitigation and compliance-focused regulation for 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,” Chenoy said.
His remarks underline the association’s intention to encourage responsible industry practices through a structured self-regulatory approach.
Trust and Transparency Critical to VDA Industry Growth
Shri Rohit Kumar Singh, Chairperson of the SRB, said emerging technologies could realise their full potential only when innovation was supported by trust, transparency and accountability.
He emphasised that robust self-regulation could help protect consumers, promote responsible market practices and strengthen public confidence in a rapidly evolving sector such as virtual digital assets.
“Our endeavour at the SRB will be to establish credible standards of governance and compliance,” Singh said, adding that the industry’s long-term success would depend not only on technological advancement but also on the trust it earns from consumers and society.
His comments highlight the importance of building safeguards and accountability mechanisms alongside innovation, particularly as digital assets become more accessible to retail participants.
Growing Retail Participation Makes Self-Regulation Timely
Dr. Praggya Das, Member of the SRB, said the launch came at an important time for India’s expanding VDA sector.
She noted that approximately 75% of VDA investors in India are between 18 and 35 years of age, while adoption is increasingly spreading to Tier 2, Tier 3 and Tier 4 cities.
According to Das, the absence of a comprehensive regulatory framework for the sector makes voluntary standards for transparency, cybersecurity, consumer protection and grievance redressal particularly important.
She said such standards could introduce much-needed market discipline, strengthen investor confidence and help safeguard the interests of retail participants.
What the SRB Means for India’s Crypto Industry
BWA’s new initiative represents an industry-led effort to improve governance and promote more consistent compliance practices across India’s VDA ecosystem.
By focusing on customer protection, cybersecurity, token-listing transparency and responsible communications, the SRB aims to encourage members to adopt stronger internal safeguards and accountability measures.
The effectiveness of the initiative will depend on how consistently its guidelines are adopted, how reviews are conducted and how members respond to recommended corrective measures.
For India’s crypto and Web3 industry, the launch places renewed emphasis on the role of self-regulation in building consumer trust and supporting responsible growth. While the initiative is not a substitute for statutory regulation, it could contribute to a more disciplined industry environment as discussions about the future governance of virtual digital assets continue.
Mansi Sharma