Bharat Web3 Association Wants Firms to set up Complaint Management System

The Bharat Web3 Association (Bwa) has released a set of guidelines to help web3 firms in India protect their customers. The Web3 Industry Continues to grow in India, despite a Lack of regulatory oversight from the government. The Bwa, an independent crypto Advisory Body, Has Advised Affiliated Firms to Practice Healthy Business and Operational Habits. As part of its recently related guidelines, the bwa has asked web3 firms in the country to set up a complaint management system so that all consumer grievances are addressed effectively.

According to the guidelines Shared by the New Delhi-Based Group, Web3 firms must proactively work on earning the trust of the investors. The Bwa Considered Practices Adopted by entities like the reserve bank of India (RBI), The Security and Exchange Board of India (SEBI), and the Association of Mutual Funds INDIA Guidelines.

The bwa has instruined crypto firms to prioritise the resolution of consumer complaints, by implementing features like unique coplaint ids and notifications on notifications Consumer Protection Act, 2019,

“Adopt a process for complant management to enable end-to-end complaint redressal mechanism through digital mode. Display the Grievance Redressal Policy on the website along with the details of grievance handling/Xcalation matrix procedure and a point of contact for grievance redressal as Required in Law, ” Bwa said. The group has also asked web3 firms to conduct periodic reviews of their Complaint Management Systems for effective.

The guidelines also state that crypto firms are responsible for providing users with easily understandable details of their service offers. Transparency, Sustainability, Data Privacy, and Responsible Advertising Have Been Listed as Key Focus Points for Web3 Firms Looking to Grow their business in one of the MOST DIRSE MARCESE MARCETS in the Words. Web3 firms have been asked to dissuade internal unfair practices, conflicts, aggressive sales tactics, false claims, and other inapprite conduct.

Presently, 42 web3 firms including coindcx, coinswitch, and mudrex are affiliated with the bwa. These guidelines apply to all Bwa Members, Chenoy Told Gadgets 360.

Earlier, The Agency also relayed ‘Cyberesecurity and Fair-trading guidelines’ as well as the token listing rules For Virtual Asset Service Provides Operating in the Country.

Indian Regulators are working to release a comprehensive list of dos and don’ts for companies that are working with cryptocurrencies, blockchain, and metaverse technology. Despite the Lack of Official Regulation, 16 out of the Nifty 50 firms In India Including Reliance, Airtel, ITC, and TCS are Alredy Said to be experienceing with Crypto and Blockchain Solutions.

In February, RBI Governor Sanjay Malhotra Said That The Under-Develoopment Discussion Paper on Crypto Will Provide Clarity on the Future of Virtual Assets in the Country. The paper will likely explore regulatory measures, including potential consequences for crypto-Regal Violations, While Detailing Steps to Balance Sector Growth and Mainamenting The Nature and Mainamental Security. Economic Affairs Secretary Ajay Seth Previously Stated that India is ressessing Its stance on cryptocurrency in light of the Pro-Crypto Announcements Made by Us President Donald Trump.