April 19, 2024 — The Bharat Web3 Association (BWA), a prominent industry body for the crypto and Web3 sectors in India, has unveiled new guidelines for the listing of tokens on Virtual Digital Asset (VDA) platforms among its members. These comprehensive guidelines aim to standardize the token listing process, emphasizing transparency, security, and investor protection.
The Bharat Web3 Association, led by Chairman Dilip Chenoy, serves as a collective for various stakeholders within India’s burgeoning Web3 and cryptocurrency industry. The organization seeks to implement structured regulatory practices and promote sustainable growth within the sector.
The newly introduced guidelines cover critical aspects of the token listing process on VDA platforms, which include cryptocurrencies, Non-Fungible Tokens (NFTs), and other digital assets created on blockchain or other Distributed Ledger Technology (DLT) networks. The guidelines address announcement timelines, detailed project disclosures, safeguards against market manipulation, and the necessity for thorough technical evaluations and testing before tokens are publicly offered.
Announced on April 19, 2024, these guidelines come at a time when the global and Indian markets are witnessing a significant increase in the variety and number of digital assets, making standardized regulatory practices more crucial than ever.
Although BWA operates primarily within India, the implications of its guidelines have a global resonance, given the borderless nature of digital assets and the influence of Indian VDA platforms in the international market.
The introduction of these guidelines is part of BWA’s broader effort to establish itself as a Self-Regulatory Organization (SRO) for India’s crypto and Web3 sector. By standardizing the listing process, BWA aims to enhance market confidence, protect investors, and support the healthy development of the digital asset ecosystem.
According to Dilip Chenoy, these guidelines are recommendatory but reflect BWA’s commitment to fostering a fair and secure trading environment. “By standardizing the listing process, we aim to build awareness amongst stakeholders around token listing, enhance market confidence, protect investors, and foster sustainable growth in the Web3 domain,” Chenoy stated. The guidelines are designed to balance innovation with rigorous checks, aligning with international best practices and legal compliance.
This strategic move by BWA is expected to play a pivotal role in shaping the future of digital asset trading and regulation in India, providing a model for other nations to follow in governing the complex and rapidly evolving world of cryptocurrencies and blockchain technologies.
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