The Bharat Web3 Association (BWA) has introduced a set of guidelines to assist Web3 companies in India in safeguarding their customers. Despite the absence of formal regulatory oversight from the government, the Web3 industry continues to expand in the country. The BWA, an independent advisory body specializing in cryptocurrency, has encouraged member firms to adopt sound business and operational practices. Among its newly released recommendations, the BWA has urged Web3 firms to establish a complaint management system to ensure effective resolution of consumer grievances.
As outlined in the guidelines published by the New Delhi-based organization, Web3 companies must actively work to gain the trust of investors. In formulating these guidelines, the BWA drew inspiration from practices adopted by institutions such as the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Association of Mutual Funds in India (AMFI).
The BWA has directed cryptocurrency firms to prioritize resolving consumer complaints by implementing features such as unique complaint IDs and notifications on grievance redressal, in line with the Consumer Protection Act, 2019.
“Adopt a process for complaint management to enable an end-to-end complaint redressal mechanism through digital means. Display the grievance redressal policy on the website, along with details of the grievance handling/escalation matrix procedure and a point of contact for grievance redressal as required by law,” the BWA stated. The organization has also advised Web3 firms to regularly review their complaint management systems to ensure effectiveness.
Additionally, the guidelines emphasize that crypto firms must provide users with clear and easily understandable details of their services. Transparency, sustainability, data privacy, and responsible advertising are highlighted as critical focus areas for Web3 companies aiming to grow in one of the world’s most diverse markets. Firms are encouraged to discourage internal unfair practices, conflicts, aggressive sales tactics, false claims, and other inappropriate behaviors.
Currently, 42 Web3 firms, including CoinDCX, CoinSwitch, and Mudrex, are affiliated with the BWA. These guidelines are applicable to all BWA members, as confirmed by a spokesperson to Gadgets 360.
Previously, the BWA also released Cybersecurity and Fair-Trading Guidelines as well as token listing rules for virtual asset service providers operating in India.
Indian regulators are in the process of formulating a comprehensive framework of dos and don’ts for companies involved in cryptocurrencies, blockchain, and metaverse technologies. Despite the lack of formal regulation, 16 out of the Nifty 50 companies in India, including Reliance, Airtel, ITC, and TCS, are reportedly experimenting with crypto and blockchain solutions.
In February, RBI Governor Sanjay Malhotra mentioned that a draft discussion paper on cryptocurrency, currently under development, will provide clarity on the future of virtual assets in India. The paper is expected to explore regulatory measures, including potential penalties for crypto-related legal violations, while balancing sector growth with national and financial security. Economic Affairs Secretary Ajay Seth previously noted that India is reassessing its stance on cryptocurrency in response to pro-crypto announcements made by US President Donald Trump.
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