The Bharat Web3 Association launched an independent self-regulatory body on October 28 to improve governance in India’s virtual digital asset sector. Rohit Kumar Singh got appointed as chairperson to lead these efforts. Singh said, “The long-term success of this industry will depend not merely on technological advancement, but on trust.”
Crypto and Web3 industry body Bharat Web3 Association (BWA) on October 28 announced the launch of an independent self-regulatory body (SRB) to strengthen governance, compliance and transparency across India's virtual digital asset (VDA) sector.
The development comes months after the Parliamentary Standing Committee on Finance recommended an interim regulatory framework for cryptocurrencies and VDAs through recognised self-regulatory organisations (SROs) under a designated regulator, amid the absence of comprehensive regulations.
The committee also called for specific definitions for VDAs across securities, derivatives and other categories, noting that not all crypto assets qualify under particular segments. The recommendations were outlined in its 36th report on the proposed Securities Markets Code, 2025, presented in July 2026.
Against this backdrop, BWA has appointed Rohit Kumar Singh, a retired IAS officer and former secretary to the Government of India, as chairperson of the SRB.
Praggya Das, former adviser-in-charge of the Reserve Bank of India's (RBI) Monetary Policy Department, will serve as a member.
The SRB will encourage members to follow voluntary guidelines covering market integrity, cybersecurity, digital asset and customer data protection, transparent token listings, consumer protection, grievance redressal and responsible marketing.
It will also conduct periodic reviews of members' governance and compliance practices, including those related to anti-money laundering and countering the financing of terrorism (AML/CFT), and recommend corrective measures where necessary.
The guidelines draw on global industry practices and frameworks issued by the RBI for self-regulatory organisations in India, including those in the fintech sector, BWA said in a statement.
Dilip Chenoy, chairperson of BWA, said the launch reflected the association's commitment to risk mitigation and compliance-focused regulation of the VDA sector.
Singh said self-regulation could help protect consumers, promote responsible market practices and strengthen public confidence in the industry.
“The long-term success of this industry will depend not merely on technological advancement, but on the trust it earns from consumers and society,” Singh said.
Das added that the initiative came as VDA adoption expanded across India, particularly among younger investors and in smaller cities.
Around 75% of VDA investors in India are aged between 18 and 35, while adoption is growing in Tier 2, Tier 3 and Tier 4 cities, she said.
Voluntary standards for transparency, cybersecurity and grievance redressal could introduce greater market discipline and help safeguard retail investors, Das added.
The SRB aims to improve industry practices through common guidelines and periodic compliance reviews. Its stated role is to guide members and recommend corrective measures, rather than replace statutory regulatory authorities.