Bharat Web3 Association publishes standards for token listings for cryptocurrency firms

Bharat Web3 Association publishes standards for token listings for cryptocurrency firms

The crypto and web3 industry association said that while VDA platforms are recommendatory in nature, they must adhere to operational standards and procedures throughout the token listing process.

The Bharat Web3 Association (BWA), a trade association for the cryptocurrency and web 3 industries, released standards for token listings on its member Virtual Digital Asset (VDA) platforms on April 19.

The announcement dates, full project disclosures, protections against market manipulation, technical assessments, and meticulous staging and testing prior to public offerings are only a few of the topics covered by these rules.

These relate to assets tokenized on current blockchains or other Distributed Ledger Technology (DLT) networks, and are intended for VDAs, which include cryptocurrency, NFTs, and other assets. These principles do not apply to tokens that are participating in Airdrops, NFTs, ICOs, IEOs, IDOs, etc. unless they are specifically specified and have standard disclosures describing related risks.

The industry organization said that since VDA platforms are recommendatory in nature, they must adhere to operational standards and regulations while listing tokens.

"These guidelines reflect our commitment to ensuring a fair, transparent, to safeguard ecosystem for VDAs," said Dilip Chenoy, Chairman of the Bharat Web3 Association. We want to increase market trust, safeguard investors, raise awareness among stakeholders about token listing, and promote long-term development in the Web3 space by standardizing the listing procedure.

Our strategy strikes a compromise between innovation and the need for thorough inspections, adhering to both regulatory compliance and international best practices. In our efforts to create BWA as a Self-Regulatory Organization (SRO) for the industry, this is a major step forward," he said.