- The Bharat Web3 Association (BWA) launched an independent Self-Regulatory Body (SRB) on October 28 to raise governance, compliance, and transparency standards across India’s digital asset sector
- Retired IAS officer Rohit Kumar Singh, former Secretary of the Department of Consumer Affairs, will chair the SRB
- Dr Praggya Das, former Adviser-in-Charge of the Reserve Bank of India’s Monetary Policy Department, joins as a member
- The SRB will establish voluntary guidelines on market integrity, cybersecurity, consumer protection, AML controls, and responsible marketing for member firms
Industry Body Sets Up Independent Oversight
The Bharat Web3 Association (BWA), India’s industry group representing crypto exchanges and Web3 businesses, launched a Self-Regulatory Body (SRB) on October 28, 2026.
Today, Bharat Web3 Association (BWA) officially launched its Self-Regulatory Body (SRB), marking an important milestone in advancing responsible governance and self-regulation in India’s Virtual Digital Asset (VDA) sector.
The SRB will focus on strengthening industry practices across cybersecurity, token listing, fair trading, consumer protection and responsible marketing.
We extend our sincere thanks to all BWA members for their continued trust, support and commitment to this initiative as we work collectively towards a more transparent, secure and responsible VDA ecosystem in India.
— Bharat Web3 Association (@BWA_Ind) October 28, 2026
The SRB is designed as an independent governance layer for the virtual digital asset (VDA) sector, aimed at strengthening standards in compliance, market integrity, and consumer protection.
Credentialed Leadership At The Helm
Former Indian Administrative Service (IAS) officer Rohit Kumar Singh will chair the SRB. Singh most recently served as Secretary of the Department of Consumer Affairs under the Government of India, bringing a strong consumer protection background to the role.
As India’s VDA industry evolves, consistent guidelines, strong compliance practices and effective safeguards will be essential to building trust and enabling responsible growth.
With this objective at it’s core, the Bharat Web3 Association (BWA) has established a Self-Regulatory Body (SRB) to strengthen industry practices, ensure consistent adherence and promote greater accountability among its members
BWA is privileged to have Shri Rohit Kumar Singh IAS (retd.), former Secretary to the Government of India, and Dr. Praggya Das, former Adviser-in-Charge of the Monetary Policy Department at the RBI, as SRB Chairperson and Member respectively.
This is only a beginning, but an important step in BWA’s commitment to developing a responsible, compliant and sustainable VDA sector in India.
— Bharat Web3 Association (@BWA_Ind) October 28, 2026
Dr Praggya Das, who served as Adviser-in-Charge of the Reserve Bank of India’s Monetary Policy Department and as Secretary to the Monetary Policy Committee, joins as a member.
Voluntary Framework Covering Key Risk Areas
The SRB will produce best practice guidance on market integrity, cyber security, digital asset and customer data security, clear token listing processes, consumer protection, complaints handling and responsible marketing. It will also carry out regular reviews of AML and CFT controls and make recommendations where appropriate.
Building Trust With The Next Wave Of Investors
The SRB is explicitly designed to complement, not replace, statutory regulators. It will serve as a structured channel between industry participants and public authorities.
A key priority is building trust among younger investors in Tier 2, 3, and 4 cities, representing India’s growing retail digital asset base. A Parliamentary Standing Committee on Finance has previously recommended interim self-regulatory frameworks for the sector.
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment