Asset tokenisation framework launched in Telangana
These standards will not only safeguard the interests of investors but also pave the way for industry growth and innovation.
Published: 23rd July 2023 06:08 AM | Last Updated: 23rd July 2023 06:08 AM | A+A A-
Telangana IT and Industries Prinicipal Secretary Jayesh Ranjan (File photo| RVK Rao, EPS)
HYDERABAD: In a groundbreaking development for the blockchain and Web3 ecosystem, the government announced the launch of an asset tokenisation standard framework on Saturday. Asset tokenisation involves converting real-world assets like real estate, art, or securities into digital tokens on a blockchain, enabling seamless trading and exchange of these assets.
During a roundtable conference attended by representatives from the government, industry, venture capitalists, and academia, Jayesh Ranjan, Principal Secretary, IT, Electronics, and Communications, hailed the framework as a significant stride forward. He emphasised that this initiative would provide much-needed clarity for businesses seeking to embrace asset tokenisation.
The development of the asset tokenisation standard framework will be a collaborative effort involving 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.
By joining hands with these esteemed entities, Telangana aims to set common rules and guidelines for the tokenisation of assets. These standards will not only safeguard the interests of investors but also pave the way for industry growth and innovation.
