Telangana announces launch of Asset Tokenization Standard Framework
The Asset Tokenization Standard Framework will provide a common set of rules and guidelines for the tokenization of assets
Hyderabad: The Telangana government on Saturday announced that it would launch an Asset Tokenization Standard Framework, which is a process of representing real-world assets, such as real estate, art or securities, as digital tokens on a blockchain. This allows the assets to be traded and exchanged more easily and efficiently.
The Asset Tokenization Standard Framework will provide a common set of rules and guidelines for the tokenization of assets. These standards will help to protect investors and consumers, besides facilitating the industry to grow and innovate.
Also Read
The framework will be developed in collaboration with industry partners, including Sino Global Capital, the World Economic Forum, C-DAC, IIIT-H, Bharat Web3 Association, Indian Blockchain Forum, Open Trade, and European Crypto Initiative.
These plans were discussed at a roundtable conference here on Saturday. The conference was attended by representatives from the government, industry, venture capitalist and academia.
“The Asset Tokenization standard framework is a significant step forward for the development of the blockchain and Web3 ecosystem in Telangana,” IT Principal Secretary Jayesh Ranjan said. “This framework will provide the much-needed clarity that businesses and investors need to adopt asset tokenization. Asset tokenization standards frameworks will benefit the inclusion of the common man by making it easier for them to participate in the global economy and access new investment opportunities. This framework will help to create a more conducive environment for the development of asset tokenization businesses and projects in the State,” he added.
“I believe Asset Tokenization holds the potential to unlocking untapped value worth billions, revolutionizing how we perceive, own, and invest in assets,” Bharat Web3 Association chairman Dilip Chenoy said.
Telangana Emerging Technologies Director Rama Devi Lanka said the Asset Tokenization standard framework was a step towards promoting the adoption of blockchain technologies in Telangana.
Already, other countries had taken steps to develop frameworks to support the growth of the Web3 industry. It was time for India to step up and develop its own framework to protect investors and consumers, while also allowing the industry to grow and innovate.
By developing a clear and supportive regulatory environment, India can position itself as a leading destination for Web3 businesses and investors, she added.
