The independent body will promote compliance, consumer protection, cybersecurity and transparent market practices, with former government secretary Rohit Kumar Singh appointed as its chairperson.
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 practices across India’s Virtual Digital Asset (VDA) sector. The initiative aims to establish consistent industry standards, enhance consumer protection and build greater trust in the country’s evolving cryptocurrency and Web3 ecosystem.
BWA, which represents participants across India’s Web3 and VDA ecosystem, said the SRB’s guidelines draw on global industry best practices and frameworks issued by the Reserve Bank of India (RBI) for self-regulatory organisations (SROs), including those operating in the financial technology sector.
The launch comes amid growing discussions around the need for stronger governance, investor protection and effective compliance mechanisms in India’s digital asset industry.
SRB to Focus on Compliance, Cybersecurity and Consumer Protection
The newly established SRB will encourage BWA members to follow the association’s self-regulatory guidelines across several critical areas of VDA operations. These include fair trade practices, market integrity, cybersecurity, protection of digital assets and customer data, transparent token listings, consumer protection and grievance redressal.
The framework will also address responsible marketing and communications, encouraging businesses to adopt transparent practices when engaging with customers and investors.
In addition, the SRB will periodically review relevant governance and compliance practices, including measures related to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).
Based on these reviews, the body will recommend corrective measures and provide guidance to help members improve their internal controls, strengthen compliance practices and align their operations with the prescribed standards.
Through these measures, BWA aims to encourage greater accountability among industry participants and promote a more consistent approach to risk management across the VDA ecosystem.
Rohit Kumar Singh Appointed Chairperson of 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 RBI’s Monetary Policy Department, has been appointed as a member.
The appointments bring experience in public administration and monetary policy to the new self-regulatory initiative.
Commenting on the launch, Shri Dilip Chenoy, Chairperson of Bharat Web3 Association, said the organisation had consistently advocated risk mitigation and compliance-focused regulation for India’s VDA sector.
“With the constitution of the SRB, I am pleased that BWA has acted on its commitment to fostering compliance within the sector,” Chenoy said.
He emphasised the association’s continued focus on encouraging responsible practices and strengthening the compliance environment for digital asset businesses.
Trust and Transparency Critical to the VDA Industry
Shri Rohit Kumar Singh, Chairperson of the SRB, said emerging technologies could achieve their full potential only when innovation was supported by trust, transparency and accountability.
He noted that self-regulation could play an important role in a rapidly evolving sector such as virtual digital assets by protecting consumers, promoting responsible market practices and strengthening public confidence.
According to Singh, the SRB will work towards establishing credible governance and compliance standards for the industry. He added that the long-term success of the VDA sector would depend not only on technological progress but also on the trust it builds among consumers and society.
The emphasis on trust reflects a broader challenge for the cryptocurrency industry, where concerns about cybersecurity, misleading promotions, asset protection and market transparency continue to shape discussions around responsible growth.
SRB Launch Comes Amid Expanding VDA Adoption in India
Dr. Praggya Das, Member of the SRB, described the launch as a timely development given the expansion of India’s VDA market and the changing profile of its investors.
She noted that approximately 75% of VDA investors in India are between 18 and 35 years old, while adoption is expanding into Tier 2, Tier 3 and Tier 4 cities.
Das said voluntary standards covering transparency, cybersecurity, consumer protection and grievance redressal could help introduce greater market discipline in an environment where a comprehensive, dedicated regulatory framework for the sector remains a key industry concern.
She added that such measures could help safeguard retail investors’ interests and strengthen confidence in digital asset businesses.
What the SRB Means for India’s Crypto Industry
The establishment of BWA’s SRB represents an industry-led effort to improve governance and encourage responsible participation in India’s VDA market. By setting common expectations for member organisations, the initiative seeks to address operational risks and improve accountability without relying solely on individual companies’ internal policies.
However, the SRB is an industry self-regulatory initiative. Its launch does not, by itself, establish statutory regulation of the entire VDA sector or replace applicable government laws and regulatory requirements.
Its effectiveness will depend on how consistently members implement the guidelines, how thoroughly compliance practices are reviewed and how effectively recommended corrective measures are followed.
For India’s cryptocurrency and Web3 industry, the initiative could provide a foundation for stronger compliance practices, improved consumer safeguards and more transparent market operations. It also reinforces the growing importance of responsible governance as digital asset adoption expands across the
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