The Bharat Web3 Association (BWA), A Non-Governmental Crypto Body Comprising Industry Stakeholders, Has Released Detained Guidelines to Promote Safe Safe Business for Service Providers In India. Chaired by Former Ficci Secretary General Dilip Chenoy, The Bwa Unveiled Two Comprehensive Sets of Guidelines this week, focusing on eNing onSuring seconds. These guidelines are primarily aimed at virtual asset service provides (vasps).
On January 7, The Bwa Unveled Its “Cybersecurity and Fair-Trading Guidelines,” Emphahsging The Importance of Ethical, Transparent, Transparent, And Compliant Operations for Virtual SSET SESET SESET SESET SESET SESET SESET SEST Operations (Vasps). These directives aim to integrate robust risk management solutions, Enhancing Financial Safeguards for India’s Investor Community.
Vasps in India have been given until June 2025 to align their operations with these guidelines.
Highlights from Bwa’s Fair-Trading Guidelines
The bwa insists that vasps should be Vigilant Against Unethical Trading Practices and Market Manipulation Tactics to Ensure the Financial Safety of the traders. The Web3 Body Claimed That The Directives Have been curved to align with Indian regulations and International Best Practices.
The bwa has directed its members to provide customers with transparent information Regarding Asset Lists, Market Prices, and Trading Rules. Vasps have also been instructed to implement measures for detecting activities Additional, the Bwa Encourage Initiatives to Educate Investors on Safe Trading Practices.
The guidelines further mandate that unauthorized employers of web3 firms must be restricted from accessing sensitive or non-Public information related to users or trades. The practice of ‘Front-Running’ is explicitly prohibited. Front-Running Occurs when an Entity Leverages Insider Knowledge of an upcoming transaction to execute trades ahead of it, exploiting anticipated market movements.
Key points from cybersecurity guidelines
The bwa stated that the rules Have been put togetra to help vasps protect their integrity, security, and confidantiality amid rain number of hacks and scams.
These guidelines have encouraged vasps to educate users on Secure practices while ensuring the overall security and compliance of their business and operations.
The Documents Details Bwa-Papproved Security Testing Practices for Asset Custody Services and Exchange Platforms. They Dive Deep Into Safe Customer Data Protection PRACTICE MAKING The Investor Community Aware About Market Dos and Doon’ts.
India’s Stance on Crypto Laws
The government hasné information Shared in December 2024 by Minister of State (MOS) Finance Pankaj Chaudhary.
In India, Crypto Gains are currently taxed at 30 percent. Crypto firms intending to operate in the country must Register with the Financial Intelligence Unit (FIU) and Comply with Anti-Money Laundering Regulation. Additionally, all exchanges are required to collect know your customer (KYC) details from their users.
AMID ongoing discussions on formal crypto regulations, the bwa has been proactively implementing
In December last year, the bwa announced a new ‘ABCD’ Initiative that focussed on web3 security. Meanwhile in April 2024, The Bwa Had Laid Down Self-Regulatory rules On Token Listings for Exchanges.
Cryptocurrency is an unregulated digital currency, not a legal tender and Subject to Market Risks. The information provided in the article is not intended to be and does not constitute Financial Advice, Trading Advice or Any Other Advice or recommendation of any sort offered or ndtv. NDTV Shall Not Be Responsible for Any Loss Arising from any investment based on any person’s recommendation, forecast or any other information contained in the article.
6 Association (T) Bwa (T) Vasps (T) Crypto (T) Web3 (T) Exchanges (T) Sefl Regulatory Guidelines
