Crypto and web 3 industry body Bharat Web3 Association (BWA) on April 19 introduced guidelines for listing of tokens on member Virtual Digital Asset (VDA) platforms.
These guidelines highlight areas such as announcement dates, comprehensive project disclosures, safeguards against market abuses, technical evaluations, and thorough staging and testing before public offerings.
These are meant for VDAs including crypto, NFTs and others, referring to assets tokenized on existing blockchains, or other Distributed Ledger Technology (DLT) networks. Tokens involved in Airdrops, NFTs, ICOs/IEOs/IDOs etc., as separately defined, along with standard disclosures outlining associated risks, fall outside the scope of these guidelines.
Being recommendatory in nature, VDA platforms are expected to follow operational frameworks and protocols during the token listing process, the industry body said.
Dilip Chenoy, Chairman, Bharat Web3 Association, said, “These guidelines reflect our commitment to ensuring a fair, transparent, and secure ecosystem for VDAs. 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.”
“Our approach balances innovation with the need for rigorous checks, aligning with international best practices and legal compliance. This marks a significant step in our pursuit of establishing BWA as a Self-Regulatory Organization (SRO) for the sector,” he added.
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