The Telangana government, along with industry partners, will launch an Asset Tokenisation Standard Framework. This framework aims to protect investors and consumers while promoting growth and innovation in the industry.
Asset tokenization is the process of representing real-world assets, like real estate or art, as digital tokens on a blockchain. This makes it easier and more efficient to trade and exchange these assets. The Department of Information Technology, Electronics and Communications will provide a common set of rules and guidelines for tokenization.
The industry partners involved in this initiative include Sino Global Capital, the World Economic Forum, C-DAC, IIIT-H, Bharat Web3 Association, Indian Blockchain Forum, Open Trade, and European Crypto Initiative.
IT and Industries Secretary Jayesh Ranjan believes that this framework is a significant step for the development of the blockchain and Web3 ecosystem in Telangana. It will provide clarity for businesses and investors looking to adopt asset tokenization. Ranjan also believes that it will create a better environment for asset tokenization businesses and projects in the State.
The conference was attended by government officials, industry representatives, VC firms, and academia. Bharat Web3 Association chairman Dilip Chenoy expressed the potential of asset tokenization to unlock billions of dollars in value. He believes that it can democratize access, increase liquidity, and create growth opportunities in sectors like finance, real estate, and healthcare.
Rama Devi Lanka, Director of Emerging Technologies at the Telangana government, stated that this framework is part of their efforts to promote the adoption of blockchain technologies in Telangana.
