Asset tokenisation is the process of representing real-world assets like real estate, art, or securities, as digital tokens on a blockchain.
The decision was announced at a conference that took place in Hyderabad, which was attended by representatives from the government, industry, venture capitalists and academia. (Commons)
The Government of Telangana on Saturday, 22 July, announced that it will launch an asset tokenisation standard framework.
The framework will be developed in collaboration with industry partners, including Sino Global Capital, the World Economic Forum, Centre for Development of Advanced Computing (C-DAC), IIIT-Hyderabad, Bharat Web3 Association, Indian Blockchain Forum, Open Trade, and European Crypto Initiative.
Asset tokenisation is the process of representing real-world assets, such as real estate, art, or securities, as digital tokens on a blockchain. This allows these assets to be traded and exchanged more easily and efficiently.
The asset tokenisation standard framework will provide a common set of rules and guidelines for the tokenisation of assets. These standards will help to protect investors and consumers, while also allowing the industry to grow and innovate.
The decision was announced at a roundtable conference that took place in Hyderabad, which was attended by representatives from the government, industry, venture capitalists, and academia.
Srinivasulu Vemula, Joint Inspector General, Stamp and Registration Department, Government of Telangana, was present at the conference. He was key to implementing the T-Chits projects across the state blockchain-based chit fund automation system.
“The asset tokenisation standard framework is a significant step forward for the development of the blockchain and Web3 ecosystem in Telangana,” said Jayesh Ranjan, Principal Secretary, IT, Electronics & Communications, Government of Telangana.
“This framework will provide the much-needed clarity that businesses and investors need to adopt asset tokenisation. Asset tokenisation 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,” said Ranjan.
“This framework will help to create a more conducive environment for the development of asset tokenisation businesses and projects in the state,” he added.
“I believe asset tokenisation holds the potential to the unlocking of untapped value worth billions, revolutionising how we perceive, own, and invest in assets,” said Dilip Chenoy, Chairman of Bharat Web3 Association (BWA).
He added, “The potential it holds to democratise access, increase liquidity, and create new growth avenues will have a massive impact on sectors such as finance, real estate, and healthcare and create a more inclusive and prosperous global economy.”
Rama Devi Lanka, Director of Emerging Technologies, Government of Telangana, said, “The asset tokenisation standard framework is a step in our efforts to promote the adoption of blockchain technologies in Telangana.”
“Other countries have taken steps to develop frameworks to support the growth of the Web3 industry. It is 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.” Lanka added.
“By developing a clear and supportive regulatory environment, India can position itself as a leading destination for Web3 businesses and investors.”
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