Bharat Web3 Association

Since its inception in 2022, the Bharat Web3 Association (BWA) has championed a compliance-first approach, laying the foundation for a responsible and resilient Web3 and VDA ecosystem in India. Following the recognition of VDASPs as Reporting Entities under India's PMLA in March 2023, the sector has undergone a steep yet constructive learning curve. Continuing this momentum, we recently hosted a workshop on Operationalising the Updated AML/CFT Guidelines for Virtual Digital Asset Service Providers, which were issued in Jan 2026. The session brought together 90+ compliance professionals representing 30+ VDASP Reporting Entities, reflecting the sector’s growing alignment towards robust and effective compliance practices. We extend our sincere gratitude to the FIU-IND leadership team - Shri Amit Mohan Govil (Director), Ms Ashima Batra (Additional Director), Shri Honey Patodi (Deputy Director), Shri Prashant Ojasvi (FSE, Reserve Bank ecosystem), and Shri Vipin Kumar Ashok (Assistant Director) for their valuable insights and continued support in advancing the dialogue. A special thanks to BWA's member REs, for your continued collaboration is what drives this shared vision forward. As the only dedicated Web3 and VDA industry body in India, BWA remains committed to building a compliant, transparent, and future-ready VDA ecosystem in India.

Bharat Web3 Association (BWA) had the privilege of convening a closed-door workshop on Operationalising the Updated AML/CFT Guidelines for Virtual Digital Asset Service Providers in New Delhi. We were honoured to welcome Shri Amit Mohan Govil, Director,Financial Intelligence Unit–India (FIU-IND), as the Chief Guest. The workshop was also graced by senior officials from FIU-IND, including Ms. Ashima Batra, Additional Director, and Mr. Honey Patodi, Deputy Director, whose presence and participation greatly enriched the discussions. The workshop brought together officials from FIU-IND and representatives from Virtual Digital Asset Service Providers registered as Reporting Entities under the Prevention of Money Laundering Act (PMLA). The discussions focused on strengthening the understanding of the updated AML/CFT guidelines and supporting reporting entities in effectively operationalising the compliance requirements. The sessions covered key AML/CFT compliance areas, including transaction monitoring and suspicious transaction reporting, enterprise-wide risk management, governance and oversight responsibilities, and AML/CFT training and compliance culture. Participants also benefited from insights shared by Ms. Ashima Batra on supervisory expectations for reporting entities in the virtual digital asset ecosystem. BWA expresses its sincere gratitude to FIU-IND for its continued guidance and constructive engagement with the industry. The leadership and institutional efforts of the FIU-IND have played a vital role in strengthening India’s AML/CFT framework and safeguarding the integrity of the financial system. BWA looks forward to continued collaboration with FIU-IND in supporting a responsible, transparent, and compliant digital asset ecosystem in India. @DilipChenoy | @ashish343 @SagarVimal @smtgpt @pankaj_delta_ex @TweetOfTheTokas @tomduffgordon @RajKarkara @eth_us @siraj5052 @Dul_dul @Garegrat | @SubburajVikram @arjunvijay89 @LakshayNarang18 @i_hardeepsingh @rohanbhandari @dey_sumanta

Bharat Web3 Association (BWA) had the privilege of convening a closed-door workshop on Operationalising the Updated AML/CFT Guidelines for Virtual Digital Asset Service Providers in New Delhi. We were honoured to welcome Shri Amit Mohan Govil, Director,Financial Intelligence Unit–India (FIU-IND), as the Chief Guest. The workshop was also graced by senior officials from FIU-IND, including Ms. Ashima Batra, Additional Director, and Mr. Honey Patodi, Deputy Director, whose presence and participation greatly enriched the discussions. The workshop brought together officials from FIU-IND and representatives from Virtual Digital Asset Service Providers registered as Reporting Entities under the Prevention of Money Laundering Act (PMLA). The discussions focused on strengthening the understanding of the updated AML/CFT guidelines and supporting reporting entities in effectively operationalising the compliance requirements. Participants also benefited from insights shared by Ms. Ashima Batra on supervisory expectations for reporting entities in the virtual digital asset ecosystem. BWA expresses its sincere gratitude to FIU-IND for its continued guidance and constructive engagement with the industry. @ashish343 @smtgpt @neerajKh_ @tomduffgordon @CoinSwitch @CoinDCX @DeltaExFno @Dul_dul @SagarVimal @VikramSubburaj @suncryptoin @BitGo @Bybit_Official

The Financial Action Task Force (FATF) has released a report titled Understanding and Mitigating the Risks of Offshore Virtual Asset Service Providers, which examines challenges associated with oversight of offshore crypto-asset platforms. The report discusses how certain operational models of offshore Virtual Asset Service Providers (oVASPs) may create regulatory and supervisory gaps, and it outlines a range of good practices for identifying, licensing or registering, supervising, and addressing non-compliant entities. The report also includes several case studies from India highlighting the role of the Financial Intelligence Unit (FIU-IND) in strengthening compliance within the virtual digital asset ecosystem. These examples include the use of Suspicious Transaction Reports (STRs) from onshore VASPs, strengthened governance requirements for Principal Officers, the development of indigenous detection capabilities such as a Virtual Asset Lab, and collaboration with digital platforms through mechanisms like the Sahyog portal to enable quicker action against unlawful websites. The report can be accessed here: fatf-gafi.org/content/dam/fa… #FATF #VirtualAssets #VASPs #AML #CFT #FinancialIntegrity #DigitalAssets

U.S. federal banking regulators the Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued joint guidance on 5 March 2026 clarifying the capital treatment of tokenized securities. The agencies stated that securities whose ownership is represented using distributed ledger technology (DLT) will generally receive the same capital treatment as their non-tokenized equivalents under existing bank capital rules. The guidance states that the capital framework is technology neutral and that the technology used to issue or transact in a security does not generally affect its capital treatment. The agencies clarified that an eligible tokenized security should be treated in the same manner as the non-tokenized form of the security under the capital rule, while banks must continue to apply appropriate risk management practices and comply with applicable laws and regulations. Source federalreserve.gov/newsevents/pre… #UnitedStates #FederalReserve #FDIC #OCC #TokenizedSecurities #Tokenization #DigitalAssets #BankingRegulation #FinancialRegulation

South Korea’s Financial Services Commission (FSC) has announced that the National Assembly passed amendments to the Act on Reporting and Using Specified Financial Transaction Information on 29 January 2026, strengthening entry requirements for Virtual Asset Service Providers (VASPs). The revised law authorises the Korea Financial Intelligence Unit (KoFIU) to conduct criminal background checks on major shareholders during VASP registration reviews. Previously, such checks applied only to chief executives and executive officers. The scope of review will also expand to include offences related to narcotics trafficking, fair trade violations, tax crimes, specific economic crimes, and violations of virtual asset user protection rules. The amendments also allow the KoFIU to assess the financial condition, organisational capacity, internal controls, and technological infrastructure of VASPs during registration and to impose conditions on approved entities to support anti-money laundering and user protection objectives. In addition, the law enables KoFIU to notify financial institutions about sanctions imposed on their former employees for violations of the Act. The revised law is scheduled to take effect six months after promulgation, expected around August 2026. Source: fsc.go.kr/eng/pr010101/8…

Our Chairperson, Dilip Chenoy, recently spoke with News18 on the role of the industry in strengthening investor education and building a responsible virtual digital assets ecosystem in India. In this Q&A, he outlines key safeguards consumers should follow before investing in virtual digital assets, including verifying whether platforms are registered with FIU-India and undertaking independent research. He also discusses common fraud risks originating on messaging and social media platforms, essential cybersecurity practices for protecting digital assets, and the importance of coordinated industry efforts to deepen investor awareness and consumer protection. Read the full article here: news18.com/business/crypt… #VirtualDigitalAssets #Web3 #InvestorEducation #ConsumerProtection

The Financial Stability Board (FSB) has released its Work Programme for 2026. The programme identifies continued monitoring of crypto-asset markets as a key area of work, with a specific focus on stablecoins. Following the completion of its global thematic review of crypto regulation in 2025, the FSB will examine potential vulnerabilities associated with stablecoins, particularly those arising from multi-jurisdictional stablecoin arrangements, and will organise supervisory discussions among regulators on the issue. The work programme also notes that the FSB will continue monitoring developments in digital assets and assessing their implications for global financial stability. As part of this workstream, the organisation plans to publish a “Summary of targeted analysis of critical cross-border issues in digital assets” in October 2026. Source: fsb.org/uploads/P03022… #FSB #FinancialStabilityBoard #CryptoAssets #Stablecoins #DigitalAssets #FinancialRegulation #GlobalFinance #G20 #FintechRegulation

France’s financial markets regulator, the Autorité des marchés financiers (AMF) informed Digital Asset Service Providers (DASPs) that the transitional period allowing them to provide crypto asset related services without authorisation under the EU Markets in Crypto-Assets (MiCA) Regulation will end on 1 July 2026. DASPs that were operating prior to MiCA’s entry into force must obtain authorisation to continue offering services in France. After this deadline, only MiCA-authorised service providers may provide crypto-asset services, either through authorisation from the national competent authority or through the notification procedure available to certain financial entities. Source: amf-france.org/en/news-public… #DigitalAssets #MiCA #CASP #DASP #DigitalFinance #EURegulation

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has circulated a draft report titled “Digital assets – challenges for the competitiveness and integrity of the European Union’s financial system.” The report examines developments in the digital asset ecosystem and situates them within the EU’s regulatory framework, including Markets in Crypto-Assets (MiCA) regulation. The document also references international policy work on digital assets and highlights regulatory considerations related to tokenisation, stablecoins, supervisory coordination, and financial risk monitoring. Source: europarl.europa.eu/doceo/document… #DigitalAssets #CryptoAssets #MiCA #Stablecoins #Tokenisation #DigitalFinance #FinancialRegulation #EUFinance #DLT #BlockchainPolicy

The fifth Financial Action Task Force (FATF) Plenary under the Mexican Presidency concluded with delegates from over 200 jurisdictions agreeing on measures to address evolving illicit finance risks. The Plenary adopted mutual evaluation reports of Austria, Italy and Singapore under the new risk-based round and added Kuwait and Papua New Guinea to the list of jurisdictions under increased monitoring. On virtual assets, the Plenary approved two reports to be published next month: one on risks linked to offshore Virtual Asset Service Providers (oVASPs) and regulatory gaps, and a targeted report on stablecoins and unhosted wallets, examining cross-border and peer-to-peer risks and setting out mitigation recommendations for jurisdictions and the private sector. #FATF #AML #CFT #VirtualAssets #Stablecoins #VASP #IllicitFinance #GlobalCompliance Source: fatf-gafi.org/en/publication…

Stanford University has released the Stanford Emerging Technology Review 2026, a comprehensive report examining ten key emerging technologies and their policy implications. In its chapter on Cryptography and Computer Security, the report covers the role of cryptography as the enabling technology behind blockchain, the function of blockchain as the underlying infrastructure for virtual digital assets, and the current United States policy preference for privately issued digital assets, including stablecoins and other virtual digital assets. Read the full report: setr.stanford.edu/sites/default/… #StanfordUniversity #EmergingTechnology #Cryptography #Blockchain #DigitalAssets #VDAs #CyberSecurity #FinTech #TechPolicy

Hong Kong Financial Secretary Paul Chan Mo-po announced in the Budget Speech that the Hong Kong Monetary Authority’s CMU OmniClear and Hong Kong Exchanges and Clearing Limited will study the establishment of a one-stop, multi-asset class post-trade securities infrastructure covering mainland and Hong Kong equities and debt securities. The initiative aims to enable cross-product and cross-boundary collateral connectivity to enhance liquidity and risk management. The Central Moneymarkets Unit will activate linkages with SIX (Switzerland) and launch equity post-trade services. CMU OmniClear will also establish a digital asset platform this year to support issuance and settlement of digital bonds, with plans to expand to other digital assets and regional tokenisation platforms. #HongKong #HKMA #CMUOmniClear #HKEX #DigitalAssets #Tokenisation #DigitalBonds #PostTrade #Budget2026 Source: The Standard thestandard.com.hk/wealth-and-inv…

Japan’s Financial Services Agency (FSA) is evaluating potential amendments to its regulatory framework that could enable VDA exchange-traded funds (ETFs) in Japan, with 2028 discussed as an early target. The proposed changes would allow Virtual Digital Assets to qualify as eligible underlying assets for ETFs, accompanied by enhanced investor-protection mechanisms. At present, VDA ETFs remain unavailable in Japan under existing asset eligibility restrictions. Any change would require formal consultation processes and amendments to current rules before implementation. Source:asia.nikkei.com/spotlight/cryp… #Japan #CryptoETFs #DigitalAssets #FinancialRegulation #CapitalMarkets #CryptoPolicy

Joachim Nagel, President of the Deutsche Bundesbank, expressed support for the introduction of a euro-pegged central bank digital currency (CBDC) and euro-denominated stablecoins for payments.Nagel stated that EU officials are working toward the introduction of a retail CBDC. He noted that a wholesale CBDC would enable programmable payments in central bank money for financial institutions. He also stated that euro-denominated stablecoins could contribute to strengthening Europe’s independence in payment systems and facilitate low-cost cross-border payments for individuals and firms. Source: Deutsche Bundesbank – “Priorities and challenges for Europe in a changing world” bundesbank.de/en/press/speec… #CBDC #Stablecoins #DigitalEuro #Payments #CentralBank #EUFinance #FinancialRegulation

US Treasury Secretary Scott Bessent announced the priorities and broad framework for the 2026 G20 Finance Track, to be advanced under the United States’ G20 presidency. He stated that the agenda for the Finance Track this year focuses on modernising financial regulation, strengthening analysis of excessive global imbalances, enhancing debt transparency and sovereign debt restructuring processes, supporting a robust digital assets ecosystem, improving cross-border payments while addressing fraud and scams, and promoting financial literacy. He also announced that the 2026 Finance Track will include a series of meetings of finance ministers, central bank governors, and their deputies, culminating in a Leaders’ Summit at the end of the year. #G20 #FinanceTrack #GlobalEconomicGovernance #FinancialRegulation #DigitalAssets #DebtTransparency #CrossBorderPayments Source: home.treasury.gov/news/press-rel…

Financial Secretary of the Hong Kong administration, Paul Chan Mo-po stated that Hong Kong will begin issuing its first stablecoin licences in March 2026. An initial limited batch of licences will be granted to applicants demonstrating novel use cases, sustainable business models, and strong regulatory compliance capabilities. He added that the Hong Kong administration is finalising its licensing regime for custodian service providers, with legislation expected this summer to ensure comprehensive regulatory coverage of the digital asset ecosystem. Source: coindesk.com/policy/2026/02… #HongKong #Stablecoins #DigitalAssets #Tokenization

The Divisions of Corporation Finance, Investment Management, and Trading and Markets of the U.S. Securities and Exchange Commission issued a joint staff statement clarifying that tokenized securities, defined as traditional securities issued or represented on a blockchain, remain subject to existing U.S. federal securities laws. Registration, disclosure, custody, and trading requirements apply irrespective of whether ownership is recorded on-chain or through conventional systems. The statement distinguishes between issuer-sponsored tokenization and third-party models, including custodial structures backed by underlying securities and synthetic tokens that may qualify as security-based swaps and trigger additional restrictions. Read the full statement below: sec.gov/newsroom/speec… #Tokenization #SecuritiesLaw #DigitalAssets #SEC #BlockchainRegulation