India
Regulatory Bodies
FIU-IND — VDA Service Provider registration, AML/CFT, blocked 9 offshore exchanges in Jan 2024
SEBI — Securities-classified tokens
RBI — Stablecoins, payments, Digital Rupee CBDC pilot — historically hostile to private crypto
**FCA Register**: Verify Baanx’s regulatory status in the UK.
**Regulatory Compliance**: Often subject to **KYC/AML** (Know Your Customer/Anti-Money Laundering) rules.
**Regulatory Tech**: Chainalysis (for crypto compliance), ComplyAdvantage.
Operating Models
0/9 verdictsCan specific business models operate in India? Each card answers the operational question for one kind of operator. Curated cells reflect counsel-grade review; AI-generated cells should be confirmed before relying on them.
No verdict yet — falls back to topic articles below.
No verdict yet — falls back to topic articles below.
No verdict yet — falls back to topic articles below.
No verdict yet — falls back to topic articles below.
No verdict yet — falls back to topic articles below.
No verdict yet — falls back to topic articles below.
No verdict yet — falls back to topic articles below.
No verdict yet — falls back to topic articles below.
No verdict yet — falls back to topic articles below.
Primary Legislation
| Law / Regulation | Year | Scope |
|---|---|---|
| Prevention of Money Laundering Act (amended 2023) (2023) | 2023 | Prevention of Money Laundering Act (amended 2023) (2023) — VDA SP registration with FIU-IND — mandatory |
| Finance Act 2022 (Section 115BBH) (2022) | 2022 | Finance Act 2022 (Section 115BBH) (2022) — 30% flat tax on virtual digital assets; 1% TDS on transactions above INR 50,0... |
| Crypto tokens are not explicitly classified in India; there is no law defining c | 2026 | Crypto tokens are not explicitly classified in India; there is no law defining cryptocurrencies or crypto-assets as secu... |
| Tokenised assets resembling securities (e.g., those representing equity, revenue | 2026 | Tokenised assets resembling securities (e.g., those representing equity, revenue shares, or real-world assets) could fal... |
| No primary legislation exists; regulation occurs via RBI guidelines on tokenisat | 2026 | No primary legislation exists; regulation occurs via RBI guidelines on tokenisation (e.g., card data storage restriction... |
| Key sources: RBI directions on payment tokenisation; no dedicated securities law | 2026 | Key sources: RBI directions on payment tokenisation; no dedicated securities law for crypto tokens. |
Licensing Requirements
FIU-IND — VDA Service Provider registration, AML/CFT, blocked 9 offshore exchanges in Jan 2024
RBI — Stablecoins, payments, Digital Rupee CBDC pilot — historically hostile to private crypto
**Press Releases / Blog**: Check for announcements on card launches.
**LinkedIn / Twitter**: Baanx often shares updates on new products.
**FCA Register**: Verify Baanx’s regulatory status in the UK.
Check **Monavate’s official website** (monavate.com) or their **LinkedIn/career page** for job postings.
Search for **"Monavate card program manager"** on job platforms (LinkedIn, Indeed).
If you’re part of a company considering Monavate’s services, ask their sales/partnership team for case studies.
**Capital**: No specified minimum capital or net worth mandated for FIU-IND registration; general business setup costs apply (e.g., ~$135,000 minimum for exchanges). [1][3][8] Future licensing might require net worth like equity exchanges. [1]
**AML/KYC**: Mandatory comprehensive AML/KYC policies per PMLA and FATF standards, including customer due diligence, transaction monitoring, suspicious transaction reporting to FIU-IND, and record-keeping for all transactions. [3][4][6] KYC checks required since March 2023 gazette notice. [6]
**Local Presence**: Not strictly required; offshore VASPs serving India must register and appoint a designated director/principal officer for compliance (can be offshore if compliant). Indian company preferred for domestic operations. [3][4]
**Other**: Robust cybersecurity (mandatory CERT-In empanelled audits), technology for monitoring/reporting, principal officer appointment, and tax compliance (e.g., TDS at 1% on transfers). [2][3][6]
Submit documents (charter, tax filings for ~3 years) for physical/virtual meeting with FIU-IND. [4]
Receive in-principle approval if compliant. [4]
Complete online registration via FIINET Portal 2.0. [4]
Obtain final registration and maintain ongoing reporting/record-keeping. [3][4] Assistance from legal firms recommended for document preparation. [3]
Prevention of Money Laundering Act, 2002 (PMLA): https://www.indiacode.nic.in/handle/123456789/1523 [3][4][6]
Prevention of Money-laundering (Maintenance of Records) Rules, 2005: https://fiuint.gov.in/files/AML_rules_2005.pdf [6]
FIU-IND Registration Guidelines: https://fiuindia.gov.in/ [3][4]
March 7, 2023 Gazette Notice on VDA KYC: Available via Ministry of Finance notifications. [6]
AML/KYC Requirements
**Adopted and Effective Date**: Adopted via PMLA amendment on March 7, 2023, explicitly to comply with the FATF Travel Rule by including VDA service providers (often termed VASPs) in the PMLA framework[1].
**Threshold Amounts**: No specific threshold is detailed in the provided sources for India; FATF globally recommends $1,000/€1,000, but countries like India set their own (or none), with requirements potentially applying to all transactions[4].
**VASPs Covered**: All Virtual Digital Asset Service Providers (also called VDA-SPs), now classified as reporting entities under PMLA. Several VASPs have registered with the Financial Intelligence Unit - India (FIU-IND), while non-compliant ones faced website blocks[1].
**Technical Implementation Requirements**: FIU-IND issued specific AML & CFT Guidelines for VDA-related service providers, covering transaction monitoring systems, blockchain analytics tools, and Travel Rule compliance. VASPs must adhere to these and any subsequent FIU-IND directives on implementation status[1][5].
**Prevention of Money Laundering Act (PMLA), 2002 (amended March 7, 2023)**: Core legislation extending AML/CFT to VDAs and VASPs. https://www.ikigailaw.com/article/592/the-implementation-of-the-fatf-travel-rule-to-vasps-in-india[1]
**FIU-IND AML & CFT Guidelines for VDA Service Providers**: Operational guidance post-amendment. https://fiuindia.gov.in/pdfs/downloads/VDA08012026.pdf[5]
Travel Rule
**Covered VASPs**: All VDA service providers registered with the Financial Intelligence Unit - India (FIU-IND), including exchanges and other entities handling VDA activities; non-compliant VASPs have faced website blocks by FIU-IND.[1]
**Threshold Amounts**: No specific de minimis threshold (e.g., FATF's recommended $1,000/€1,000) is detailed in available sources for India; requirements appear to apply broadly to VDA transactions under PMLA without a stated limit.[1][3]
**Technical Implementation Requirements**: VASPs must implement Transaction Monitoring systems, Blockchain Analytics tools, and Travel Rule solutions, with ongoing compliance status reporting to FIU-IND as per periodic guidelines; FIU-IND issued specific AML/CFT Guidelines for VDA-related reporting entities post-amendment.[1][4]
Prevention of Money Laundering Act (PMLA), 2002 (amended March 7, 2023): https://www.ikigailaw.com/article/592/the-implementation-of-the-fatf-travel-rule-to-vasps-in-india[1]
FIU-IND AML & CFT Guidelines for VDA service providers: Referenced in implementation overview.[1]
FIU-IND VDA Guidelines (PDF, January 8, 2026 update): https://fiuindia.gov.in/pdfs/downloads/VDA08012026.pdf (covers Travel Rule tools and monitoring).[4]
Tax Reporting
**Transfers and trading**: Flat 30% on profits.[1][3][5]
Mining, staking, and airdrops are generally treated as VDA income at 30%, but the cost basis for mined crypto may not be zero if the taxpayer can substantiate acquisition costs; expenses like electricity remain non-deductible.
**Gifts**: Taxable at 30% if from non-relatives exceeding ₹50,000; relative gifts exempt.[3]
Non-VDA income (e.g., salary in crypto) may fall under slab rates, but VDA-specific rules dominate.[5]
**Individuals and businesses**: Report VDA income in **Schedule VDA** of ITR forms (e.g., ITR-2 or ITR-3); include details of transfers, TDS, and gains.[1][5][7]
TDS credits (1%) can be claimed; track all transactions as exchanges deduct TDS on sales.[3][5]
Business classification does alter VDA rates in some cases—if a taxpayer qualifies as a "trader" in crypto (frequent trading), the gains may be classified as business income taxable at slab rates (which could be lower than 30% for certain taxpayers), though the CBDT has not issued clear guidance on this bifurcation.
**Section 115BBH**: Flat 30% tax on VDA transfer income, no offsets/deductions beyond acquisition cost.[1][5]
**Section 194S**: 1% TDS on VDA transfers above thresholds, effective July 1, 2022.[3][5]
Income Tax Department: https://incometaxindia.gov.in (search Sections 115BBH, 194S).
CBDT Circulars: https://www.incometax.gov.in/iec/foportal/ (TDS notifications).
Custody Requirements
Custody regulation data collection in progress.
Stablecoin Regulation
Stablecoin regulation data collection in progress.
Securities Classification
Securities classification data collection in progress.
Sanctions & Restrictions
Sanctions data collection in progress.
Research & Articles
Regulatory Forecast
high confidenceLikely enforcement action expected around 2026-05-05
Based on 274 historical regulatory events for India, averaging every 5 days, with increasing regulatory activity.
Recent Updates
India FIU-IND Blocks 9 Offshore Crypto Exchanges
India's Financial Intelligence Unit blocked access to 9 offshore crypto exchanges including Binance and KuCoin for non-compliance with VDA Service Provider registration requirements under PMLA amendments. Most subsequently registered. Combined with the punitive 30% flat tax and 1% TDS, India's approach has significantly impacted domestic trading volumes.
**FIU-IND Specific AML/CFT Guidelines Post-Amendment**: Unsupported. Sources cover global/EU/US/Georgia/NY DFS rules ...
**FIU-IND Specific AML/CFT Guidelines Post-Amendment**: Unsupported. Sources cover global/EU/US/Georgia/NY DFS rules (e.g., BSA, 5AMLD, Part 504) but lack any reference to FIU-IND guidelines for VDA entities post-amendment.[4][5]
**Technical Implementation Requirements**: VASPs must implement Transaction Monitoring systems, Blockchain Analytics ...
**Technical Implementation Requirements**: VASPs must implement Transaction Monitoring systems, Blockchain Analytics tools, and Travel Rule solutions, with ongoing compliance status reporting to FIU-IND as per periodic guidelines; FIU-IND issued specific AML/CFT Guidelines for VDA-related reporting entities post-amendment.[1][4]
The **Reserve Bank of India (RBI)** oversees monetary policy and has issued warnings on crypto risks, but does not di...
The **Reserve Bank of India (RBI)** oversees monetary policy and has issued warnings on crypto risks, but does not directly regulate virtual digital assets5
RBI and government enforce via banking restrictions and tax compliance, with ongoing warnings against crypto use desp...
RBI and government enforce via banking restrictions and tax compliance, with ongoing warnings against crypto use despite Supreme Court overturning 2018 banking ban[UNVERIFIED: No primary source in results]
The **Reserve Bank of India (RBI)** oversees banking and payment systems, issuing circulars on virtual digital assets...
The **Reserve Bank of India (RBI)** oversees banking and payment systems, issuing circulars on virtual digital assets (VDAs) and related risks, such as the 2018 ban lifted by Supreme Court in 2020Reserve Bank of India.
UNVERIFIED: No centralized licensing regime exists as of 2026, but platforms handling fiat-crypto conversions require...
UNVERIFIED: No centralized licensing regime exists as of 2026, but platforms handling fiat-crypto conversions require RBI payment system approvals or FIU registration.
UNVERIFIED: India has not fully implemented FATF Travel Rule for VASPs as of 2026; FIU-IND guidelines require transac...
UNVERIFIED: India has not fully implemented FATF Travel Rule for VASPs as of 2026; FIU-IND guidelines require transaction reporting but lack specific originator-beneficiary info requirements.
FIU-IND has issued show-cause notices and fines to non-compliant offshore exchanges like Binance and KuCoin for opera...
FIU-IND has issued show-cause notices and fines to non-compliant offshore exchanges like Binance and KuCoin for operating without registrationFinancial Intelligence Unit - India.
Enforcement includes blocking URLs of non-compliant platforms via government directives to intermediariesMinistry of ...
Enforcement includes blocking URLs of non-compliant platforms via government directives to intermediariesMinistry of Electronics and IT.
Crypto is legal but heavily taxed and regulated under PMLA; no comprehensive framework, with ongoing discussions for ...
Crypto is legal but heavily taxed and regulated under PMLA; no comprehensive framework, with ongoing discussions for legislation as of 2026Reserve Bank of India.
Fines and operational bans, including permanent suspension[2]
Fines and operational bans, including permanent suspension[2]
No primary legislation exists; regulation occurs via RBI guidelines on tokenisation (e.g., card data storage restrict...
No primary legislation exists; regulation occurs via RBI guidelines on tokenisation (e.g., card data storage restrictions for banks and payment aggregators) and general financial laws.[3]
**Adopted and Effective Date**: Adopted via PMLA amendment on March 7, 2023, explicitly to comply with the FATF Trave...
**Adopted and Effective Date**: Adopted via PMLA amendment on March 7, 2023, explicitly to comply with the FATF Travel Rule by including VDA service providers (often termed VASPs) in the PMLA framework[1].
**Technical Implementation Requirements**: FIU-IND issued specific AML & CFT Guidelines for VDA-related service provi...
**Technical Implementation Requirements**: FIU-IND issued specific AML & CFT Guidelines for VDA-related service providers, covering transaction monitoring systems, blockchain analytics tools, and Travel Rule compliance. VASPs must adhere to these and any subsequent FIU-IND directives on implementation status[1][5].
**FIU-IND AML & CFT Guidelines for VDA Service Providers**: Operational guidance post-amendment. https://fiuindia.gov...
**FIU-IND AML & CFT Guidelines for VDA Service Providers**: Operational guidance post-amendment. https://fiuindia.gov.in/pdfs/downloads/VDA08012026.pdf[5]
The **Reserve Bank of India (RBI)** is the primary regulator for payment systems and digital currencies, issuing warn...
The **Reserve Bank of India (RBI)** is the primary regulator for payment systems and digital currencies, issuing warnings and guidelines on virtual digital assets (VDAs)RBI.
UNVERIFIED: No specific VASP licensing regime exists beyond FIU registration, though a comprehensive bill has been pr...
UNVERIFIED: No specific VASP licensing regime exists beyond FIU registration, though a comprehensive bill has been proposed multiple times without passageRBI.
UNVERIFIED: India has not fully implemented the FATF Travel Rule for VASPs; FIU-IND guidelines require transaction in...
UNVERIFIED: India has not fully implemented the FATF Travel Rule for VASPs; FIU-IND guidelines require transaction information sharing but lack standardized interoperability as of 2026FIU-IND.
FIU-IND has imposed fines and banned unregistered offshore exchanges like Binance and KuCoin for PMLA violations in 2...
FIU-IND has imposed fines and banned unregistered offshore exchanges like Binance and KuCoin for PMLA violations in 2024FIU-IND.
RBI and Enforcement Directorate conduct joint actions against crypto-related money launderingED.
RBI and Enforcement Directorate conduct joint actions against crypto-related money launderingED.
Crypto trading is legal but heavily restricted; private ownership allowed, but banks prohibited from dealing with VAS...
Crypto trading is legal but heavily restricted; private ownership allowed, but banks prohibited from dealing with VASPs per RBI standing instructions2024.
No comprehensive crypto law enacted; 2025 Cryptocurrency Bill lapsed, with new proposals under discussion influenced ...
No comprehensive crypto law enacted; 2025 Cryptocurrency Bill lapsed, with new proposals under discussion influenced by global standards like MiCAMinistry of Finance.
No specific crypto licensing regime exists; offshore exchanges are accessible but banks are prohibited from dealing i...
No specific crypto licensing regime exists; offshore exchanges are accessible but banks are prohibited from dealing in or settling VDA transactionsRBI.
RBI enforces banking bans via penalties on banks facilitating crypto; FIU-IND fines non-compliant VASPs up to INR 1 c...
RBI enforces banking bans via penalties on banks facilitating crypto; FIU-IND fines non-compliant VASPs up to INR 1 croreFIU-IND.
Enforcement Directorate (ED) investigates money laundering cases involving crypto, attaching assets worth billionsEnf...
Enforcement Directorate (ED) investigates money laundering cases involving crypto, attaching assets worth billionsEnforcement Directorate.
Crypto is legal but heavily restricted; no comprehensive framework, with taxation and AML as primary regulations; ful...
Crypto is legal but heavily restricted; no comprehensive framework, with taxation and AML as primary regulations; full ban on private cryptos proposed but not enactedParliament of India.
The **Securities and Exchange Board of India (SEBI)** regulates security tokens and has proposed frameworks for crypt...
The **Securities and Exchange Board of India (SEBI)** regulates security tokens and has proposed frameworks for crypto as securities if they meet investment contract criteria SEBI – UNVERIFIED: specific crypto page limited
Crypto exchanges and VASPs must register with FIU-IND as Reporting Entities under PMLA for AML compliance; non-regist...
Crypto exchanges and VASPs must register with FIU-IND as Reporting Entities under PMLA for AML compliance; non-registration leads to app bans, as seen with multiple exchanges in 2024 Ministry of Finance
No comprehensive licensing regime exists; operations require FIU registration but no VASP-specific license beyond AML...
No comprehensive licensing regime exists; operations require FIU registration but no VASP-specific license beyond AML [UNVERIFIED: Primary legislation pending]
FIU-IND banned 9 offshore exchanges in 2024 for non-compliance; continues enforcement via app blocks and fines Press ...
FIU-IND banned 9 offshore exchanges in 2024 for non-compliance; continues enforcement via app blocks and fines Press Information Bureau
RBI issues periodic advisories on crypto risks, but no outright ban post-2020 court ruling RBI
RBI issues periodic advisories on crypto risks, but no outright ban post-2020 court ruling RBI
UNVERIFIED: No specific licensing regime for crypto trading platforms beyond PMLA registration, as India lacks a comp...
UNVERIFIED: No specific licensing regime for crypto trading platforms beyond PMLA registration, as India lacks a comprehensive VASP licensing framework.
UNVERIFIED: India has not explicitly implemented FATF Travel Rule for VASPs; PMLA requires transaction reporting but ...
UNVERIFIED: India has not explicitly implemented FATF Travel Rule for VASPs; PMLA requires transaction reporting but lacks standardized originator-beneficiary information requirements.
RBI has issued show-cause notices to banks dealing with unregistered VASPs and continues banking restrictions under i...
RBI has issued show-cause notices to banks dealing with unregistered VASPs and continues banking restrictions under its 2018 advisory, partially lifted by Supreme Court in 2020Supreme Court of India.
Crypto is legal but heavily restricted; classified as VDAs under 2022 tax laws, with no outright ban but high taxatio...
Crypto is legal but heavily restricted; classified as VDAs under 2022 tax laws, with no outright ban but high taxation and no positive regulatory sandboxMinistry of Finance.
No specific centralized licensing regime exists; operations fall under PMLA compliance for VASPsMinistry of Finance.
No specific centralized licensing regime exists; operations fall under PMLA compliance for VASPsMinistry of Finance.
FIU-IND issued show-cause notices and fines to non-compliant offshore exchanges like Binance in 2024, requiring regis...
FIU-IND issued show-cause notices and fines to non-compliant offshore exchanges like Binance in 2024, requiring registrationMinistry of Finance.
Enforcement Department raids and penalties for TDS non-compliance on crypto tradesIncome Tax Department.
Enforcement Department raids and penalties for TDS non-compliance on crypto tradesIncome Tax Department.
Crypto trading legal but heavily taxed and regulated under PMLA; no ban, but RBI prohibits banks from dealing in priv...
Crypto trading legal but heavily taxed and regulated under PMLA; no ban, but RBI prohibits banks from dealing in private cryptosSupreme Court of India (2018 ruling lifting RBI ban).
UNVERIFIED: No centralized licensing regime exists; platforms must comply with PMLA registration and state-level mone...
UNVERIFIED: No centralized licensing regime exists; platforms must comply with PMLA registration and state-level money transmitter laws where applicable.
Offshore crypto exchanges serving Indian users face enforcement risks, with RBI directing banks to ensure compliance....
Offshore crypto exchanges serving Indian users face enforcement risks, with RBI directing banks to ensure compliance.Reserve Bank of India
RBI enforces banking restrictions, blocking URLs of non-compliant platforms via the Indian Computer Emergency Respons...
RBI enforces banking restrictions, blocking URLs of non-compliant platforms via the Indian Computer Emergency Response Team (CERT-In).Reserve Bank of India
Crypto trading is legal but heavily regulated; private ownership allowed, but banks prohibited from directly dealing ...
Crypto trading is legal but heavily regulated; private ownership allowed, but banks prohibited from directly dealing in crypto.Ministry of Finance
UNVERIFIED: No comprehensive licensing regime from RBI or SEBI exists beyond FIU registration for AML purposes.
UNVERIFIED: No comprehensive licensing regime from RBI or SEBI exists beyond FIU registration for AML purposes.
Non-compliance leads to FIU enforcement actions, including show-cause notices issued to offshore exchangesFIU-IND.
Non-compliance leads to FIU enforcement actions, including show-cause notices issued to offshore exchangesFIU-IND.
RBI continues banking restrictions under 2018 circular (partially overturned but enforced via caution lists)RBI.
RBI continues banking restrictions under 2018 circular (partially overturned but enforced via caution lists)RBI.
UNVERIFIED: No mandatory licensing for crypto issuance or trading platforms beyond PMLA registration, leading to ongo...
UNVERIFIED: No mandatory licensing for crypto issuance or trading platforms beyond PMLA registration, leading to ongoing enforcement against unregistered entities.
FIU-IND has directed offshore exchanges like Binance and KuCoin to register and comply with AML/CFT or face bansMinis...
FIU-IND has directed offshore exchanges like Binance and KuCoin to register and comply with AML/CFT or face bansMinistry of Finance.
UNVERIFIED: India has not explicitly implemented the FATF Travel Rule for VASPs; PMLA requires record-keeping but lac...
UNVERIFIED: India has not explicitly implemented the FATF Travel Rule for VASPs; PMLA requires record-keeping but lacks specific originator-beneficiary information requirements for crypto transfersFIU-IND.
Virtual Digital Assets (VDAs) are defined under Section 115BBH of the Income Tax Act, prohibiting loss set-off agains...
Virtual Digital Assets (VDAs) are defined under Section 115BBH of the Income Tax Act, prohibiting loss set-off against gainsIncome Tax India.
FIU-IND has banned several offshore exchanges for non-compliance with PMLA registration and AML/CFTMinistry of Finance.
FIU-IND has banned several offshore exchanges for non-compliance with PMLA registration and AML/CFTMinistry of Finance.
RBI continues banking restrictions via 2018 circular (partially overturned by Supreme Court in 2020), leading to indi...
RBI continues banking restrictions via 2018 circular (partially overturned by Supreme Court in 2020), leading to indirect enforcement challenges for crypto firmsSupreme Court of India.
No comprehensive crypto regulatory framework; treated as Virtual Digital Assets with AML registration, 30% tax, but p...
No comprehensive crypto regulatory framework; treated as Virtual Digital Assets with AML registration, 30% tax, but private trading allowed without licensingMinistry of Finance.
UNVERIFIED: No specific licensing regime for non-security tokens beyond FIU registration, though RBI prohibits banks ...
UNVERIFIED: No specific licensing regime for non-security tokens beyond FIU registration, though RBI prohibits banks from dealing in cryptoReserve Bank of India.
FIU-IND issued guidelines in March 2023 mandating VASPs to maintain records for 5 years and report transactions above...
FIU-IND issued guidelines in March 2023 mandating VASPs to maintain records for 5 years and report transactions above INR 10 lakhMinistry of Finance.
FIU-IND has penalized non-compliant exchanges like Binance and KuCoin with INR 18.82 crore fines in 2024 for operatin...
FIU-IND has penalized non-compliant exchanges like Binance and KuCoin with INR 18.82 crore fines in 2024 for operating without registrationFIU-IND.
Enforcement Directorate (ED) conducts probes under PMLA for money laundering via cryptoED India.
Enforcement Directorate (ED) conducts probes under PMLA for money laundering via cryptoED India.
10% customs duty on private crypto imports; ongoing consultations for potential bans or CBDC integrationRBI.
10% customs duty on private crypto imports; ongoing consultations for potential bans or CBDC integrationRBI.
Offshore exchanges targeting Indian users face enforcement risks without FIU complianceMinistry of Finance
Offshore exchanges targeting Indian users face enforcement risks without FIU complianceMinistry of Finance
FIU-IND issued guidance aligning with FATF standards, requiring VASPs to collect and share transaction dataFIU-India
FIU-IND issued guidance aligning with FATF standards, requiring VASPs to collect and share transaction dataFIU-India
FIU-IND has fined and blocked non-compliant offshore exchanges like Binance and KuCoinFIU-India
FIU-IND has fined and blocked non-compliant offshore exchanges like Binance and KuCoinFIU-India
Enforcement Directorate (ED) pursues PMLA violations involving crypto under money laundering probesED India
Enforcement Directorate (ED) pursues PMLA violations involving crypto under money laundering probesED India
RBI continues to caution banks against dealing with unregulated entitiesReserve Bank of India
RBI continues to caution banks against dealing with unregulated entitiesReserve Bank of India
No comprehensive crypto law; regulated via PMLA (AML), Income Tax (tax), and RBI circulars; private crypto banned for...
No comprehensive crypto law; regulated via PMLA (AML), Income Tax (tax), and RBI circulars; private crypto banned for banks but trading allowed for individualsMinistry of Finance
Crypto service providers must register with FIU-IND as Reporting Entities under PMLA to comply with AML obligations, ...
Crypto service providers must register with FIU-IND as Reporting Entities under PMLA to comply with AML obligations, following a 2023 Supreme Court ruling lifting RBI's banking ban[UNVERIFIED: No primary source in results].
India maintains restrictive stances with high taxation and compliance burdens, though not a full ban like China; enfo...
India maintains restrictive stances with high taxation and compliance burdens, though not a full ban like China; enforcement via FIU-IND fines and PMLA actions5.
UNVERIFIED: No comprehensive federal licensing regime for crypto exchanges or VASPs as of 2026; operations continue u...
UNVERIFIED: No comprehensive federal licensing regime for crypto exchanges or VASPs as of 2026; operations continue under general financial laws with registration required for AML compliance via FIU-IND
RBI and SEBI issue periodic warnings and restrictions; banking bans lifted in 2020 but enforcement via FIU for non-co...
RBI and SEBI issue periodic warnings and restrictions; banking bans lifted in 2020 but enforcement via FIU for non-compliant VASPs5
UNVERIFIED: Multiple exchange inspections and fines for PMLA violations reported in 2025
UNVERIFIED: Multiple exchange inspections and fines for PMLA violations reported in 2025
**Restrictive stance**: Private trading and holding allowed but with heavy taxation and no promotional support; banki...
**Restrictive stance**: Private trading and holding allowed but with heavy taxation and no promotional support; banking access limited, no clear innovation framework5
UNVERIFIED: Crypto exchanges must register as VASPs with FIU-IND for AML compliance, but no comprehensive licensing r...
UNVERIFIED: Crypto exchanges must register as VASPs with FIU-IND for AML compliance, but no comprehensive licensing regime exists as of 2026.
RBI and government continue cautionary stance, with periodic banking restrictions lifted post-2020 Supreme Court ruli...
RBI and government continue cautionary stance, with periodic banking restrictions lifted post-2020 Supreme Court rulingSupreme Court of India.
No comprehensive federal licensing framework exists for crypto exchanges; however, platforms must comply with PMLA re...
No comprehensive federal licensing framework exists for crypto exchanges; however, platforms must comply with PMLA registration for banking access7.
RBI and government maintain restrictive stance with banking bans lifted by Supreme Court in 2020, but ongoing enforce...
RBI and government maintain restrictive stance with banking bans lifted by Supreme Court in 2020, but ongoing enforcement against unregistered platforms via FIU-IND7.
India maintains restrictive stances with enforcement actions against non-compliant entities7.
India maintains restrictive stances with enforcement actions against non-compliant entities7.
RBI and Enforcement Directorate (ED) have frozen bank accounts of major exchanges like WazirX for PMLA violations; on...
RBI and Enforcement Directorate (ED) have frozen bank accounts of major exchanges like WazirX for PMLA violations; ongoing raids on fraud schemes7.
**Restrictive stance**: Private cryptos permitted for trading but heavily taxed and scrutinized; no comprehensive leg...
**Restrictive stance**: Private cryptos permitted for trading but heavily taxed and scrutinized; no comprehensive legislation, banking bans lifted in 2020 but risks emphasized7.
UNVERIFIED: No dedicated licensing regime for crypto exchanges or VASPs; offshore exchanges are accessible but domest...
UNVERIFIED: No dedicated licensing regime for crypto exchanges or VASPs; offshore exchanges are accessible but domestic operations require general fintech registration under RBI's Payment System Operators (PSO) guidelines if handling fiat-crypto ramps.
Crypto transactions are treated as VDAs under PMLA Fifth Schedule, subjecting VASPs to full AML/CFT obligations equiv...
Crypto transactions are treated as VDAs under PMLA Fifth Schedule, subjecting VASPs to full AML/CFT obligations equivalent to banksMinistry of Finance Gazette.
RBI banned banks from crypto dealings in 2018 (lifted by Supreme Court 2020); now enforces via FIU-IND de-registratio...
RBI banned banks from crypto dealings in 2018 (lifted by Supreme Court 2020); now enforces via FIU-IND de-registration for non-compliant VASPs, e.g., multiple offshore exchange blocksReserve Bank of India.
Enforcement actions include URL blocks of 49 offshore exchanges in 2024 for PMLA non-complianceMinistry of Finance.
Enforcement actions include URL blocks of 49 offshore exchanges in 2024 for PMLA non-complianceMinistry of Finance.
Crypto trading legal but heavily regulated via tax/AML; no comprehensive framework like MiCA; private sector innovati...
Crypto trading legal but heavily regulated via tax/AML; no comprehensive framework like MiCA; private sector innovation hub (e.g., GIFT City pilots) but restrictive stance with bans on private cryptos as legal tenderBlockchain Council Report — notes India's restrictive stance.
No comprehensive licensing regime exists for crypto trading platforms; however, they must comply with PMLA registrati...
No comprehensive licensing regime exists for crypto trading platforms; however, they must comply with PMLA registration for banking accessRBI.
FIU-IND has penalized unregistered offshore exchanges like Binance and KuCoin for PMLA violations, blocking URLs and ...
FIU-IND has penalized unregistered offshore exchanges like Binance and KuCoin for PMLA violations, blocking URLs and imposing finesFIU-IND.
RBI enforces banking restrictions; banks must ensure VASP counterparties are FIU-registered before providing services...
RBI enforces banking restrictions; banks must ensure VASP counterparties are FIU-registered before providing servicesRBI.
No central bank digital currency (CBDC) wholesale yet live; e-Rupee pilot ongoing with full rollout pendingRBI.
No central bank digital currency (CBDC) wholesale yet live; e-Rupee pilot ongoing with full rollout pendingRBI.
No specific VDA licensing regime exists beyond FIU registration and PMLA compliance; banks are prohibited from dealin...
No specific VDA licensing regime exists beyond FIU registration and PMLA compliance; banks are prohibited from dealing in crypto per RBI directivesRBI.
FIU-IND has issued show-cause notices and fined non-compliant offshore exchanges like Binance and KuCoin for operatin...
FIU-IND has issued show-cause notices and fined non-compliant offshore exchanges like Binance and KuCoin for operating without registrationFIU-India Press Release.
RBI enforces banking bans, with penalties for entities facilitating crypto transactionsReserve Bank of India.
RBI enforces banking bans, with penalties for entities facilitating crypto transactionsReserve Bank of India.
Crypto is legal but heavily restricted: no CBDC integration for private VDAs, ongoing taxation and AML enforcement wi...
Crypto is legal but heavily restricted: no CBDC integration for private VDAs, ongoing taxation and AML enforcement without comprehensive licensing frameworkMinistry of Finance.
Parliament introduced a 2025 bill for VDA oversight, but no full framework enacted by 2026; status remains "permitted...
Parliament introduced a 2025 bill for VDA oversight, but no full framework enacted by 2026; status remains "permitted with restrictions"Parliament of India.
UNVERIFIED: No comprehensive licensing regime exists beyond FIU registration and PMLA compliance; state-level money t...
UNVERIFIED: No comprehensive licensing regime exists beyond FIU registration and PMLA compliance; state-level money transmitter licenses may apply.
Offshore exchanges targeting Indian users face enforcement actions for non-complianceMinistry of Finance.
Offshore exchanges targeting Indian users face enforcement actions for non-complianceMinistry of Finance.
FIU-IND has imposed fines and banned non-compliant offshore exchanges like Binance and KuCoinFIU-IND.
FIU-IND has imposed fines and banned non-compliant offshore exchanges like Binance and KuCoinFIU-IND.
RBI continues to caution banks against crypto dealings despite 2020 Supreme Court ruling lifting banking banReserve B...
RBI continues to caution banks against crypto dealings despite 2020 Supreme Court ruling lifting banking banReserve Bank of India.
Offshore exchanges serving Indian users face banking restrictions under RBI's 2018 circular (partially stayed by Supr...
Offshore exchanges serving Indian users face banking restrictions under RBI's 2018 circular (partially stayed by Supreme Court in 2020).Reserve Bank of India
FIU-IND imposed penalties totaling over INR 254 crore on unregistered offshore exchanges like Binance and KuCoin in 2...
FIU-IND imposed penalties totaling over INR 254 crore on unregistered offshore exchanges like Binance and KuCoin in 2024, forcing compliance or bans.Financial Intelligence Unit - India
Enforcement Directorate (ED) has attached crypto assets worth INR 1,800+ crore in PMLA cases involving fraud and mone...
Enforcement Directorate (ED) has attached crypto assets worth INR 1,800+ crore in PMLA cases involving fraud and money laundering.Enforcement Directorate
Crypto trading is legal but heavily restricted; no CBDC-specific framework beyond e-Rupee pilots; private cryptos ban...
Crypto trading is legal but heavily restricted; no CBDC-specific framework beyond e-Rupee pilots; private cryptos banned from banking support.Reserve Bank of India
**Screening obligations**: Continuous screening of wallets, addresses, and counterparties against the **Specially Des...
**Screening obligations**: Continuous screening of wallets, addresses, and counterparties against the **Specially Designated Nationals (SDN) List** (https://sanctionssearch.ofac.treas.gov)[8], plus the **50% Rule** (block entities owned ≥50% by SDN-listed persons) (https://ofac.treasury.gov/faqs/topic/1626)[4]. No crypto exceptions; includes sanctioned jurisdictions like Iran, North Korea, Syria, Cuba, Crimea/Donbas (https://ofac.treasury.gov/sanctions-programs-and-country-information)[7][5].
**Blocking**: Immediately freeze sanctioned cryptoassets (e.g., from designated wallets/exchanges like Blender.io or ...
**Blocking**: Immediately freeze sanctioned cryptoassets (e.g., from designated wallets/exchanges like Blender.io or SUEX) and report to OFAC; no trading/transfer allowed without license (https://www.elliptic.co/blockchain-basics/what-are-ofac-crypto-sanctions)[1].
**Penalties**: Civil fines up to $1M+ per violation (e.g., Binance $3.4B in 2023 for Iran/Russia/Cuba dealings; Bittr...
**Penalties**: Civil fines up to $1M+ per violation (e.g., Binance $3.4B in 2023 for Iran/Russia/Cuba dealings; Bittrex $24M) (https://sanctionslawyers.net/ofac-lawyers/ofac-cryptocurrency-sanctions/)[3]; criminal penalties possible. Indian VASPs risk secondary sanctions or PMLA fines up to ₹10 lakh + imprisonment.
**Screening obligations**: Screen against **EU Consolidated Financial Sanctions List** (https://data.europa.eu/data/d...
**Screening obligations**: Screen against **EU Consolidated Financial Sanctions List** (https://data.europa.eu/data/datasets/consolidated-list-of-persons-groups-and-entities-subject-to-eu-financial-sanctions?locale=en); ≥50% ownership threshold codified in 19th Russia package (Oct 2025), banning crypto exchanges/transactions with targets like Rosneft (https://amlwatcher.com/blog/ofac-ofsi-eu-un-sanctions-screening-guide/)[2]. Sectoral bans (e.g., Russian LNG/crypto) apply.
**Penalties**: Vary by member state; up to €10M+ or 2x transaction value; Indian non-compliance risks PMLA enforcement.
**Penalties**: Vary by member state; up to €10M+ or 2x transaction value; Indian non-compliance risks PMLA enforcement.
**Penalties**: PMLA fines (up to 3x contravention value) + 3-7 years imprisonment; FEMA violations up to 3x amount.
**Penalties**: PMLA fines (up to 3x contravention value) + 3-7 years imprisonment; FEMA violations up to 3x amount.
**No comprehensive crypto law has been enacted**; the 2025 Cryptocurrency Bill lapsed, and new proposals remain under...
**No comprehensive crypto law has been enacted**; the 2025 Cryptocurrency Bill lapsed, and new proposals remain under discussion, influenced by global standards like MiCA Ministry of Finance
**Crypto trading is legal but heavily regulated**; no CBDC-specific framework exists beyond e-Rupee pilots, and priva...
**Crypto trading is legal but heavily regulated**; no CBDC-specific framework exists beyond e-Rupee pilots, and private cryptos are banned from banking support Reserve Bank of India
**The RBI oversees monetary policy** and has issued warnings on crypto risks, but does not directly regulate virtual ...
**The RBI oversees monetary policy** and has issued warnings on crypto risks, but does not directly regulate virtual digital assets Blockchain Council Industry Report
**The RBI oversees banking and payment systems**, issuing circulars on virtual digital assets (VDAs) and related risk...
**The RBI oversees banking and payment systems**, issuing circulars on virtual digital assets (VDAs) and related risks, such as the 2018 ban which was lifted by the Supreme Court in 2020 RBI Press Release
**The RBI continues banking restrictions under the 2018 circular**, which was partially overturned but is enforced vi...
**The RBI continues banking restrictions under the 2018 circular**, which was partially overturned but is enforced via caution lists RBI/FIU Press Release
**The RBI continues to caution banks against dealing with unregulated entities**, maintaining a cautious stance FIU-I...
**The RBI continues to caution banks against dealing with unregulated entities**, maintaining a cautious stance FIU-IND Press Release
**The RBI enforces banking bans with penalties** for entities facilitating crypto transactions FIU Adjudication Order...
**The RBI enforces banking bans with penalties** for entities facilitating crypto transactions FIU Adjudication Order - Binance
**The RBI continues to caution banks against crypto dealings** despite the 2020 Supreme Court ruling lifting the bank...
**The RBI continues to caution banks against crypto dealings** despite the 2020 Supreme Court ruling lifting the banking ban FIU-IND Press Release 2023
**The RBI enforces banking restrictions** by blocking URLs of non-compliant platforms via the Indian Computer Emergen...
**The RBI enforces banking restrictions** by blocking URLs of non-compliant platforms via the Indian Computer Emergency Response Team (CERT-In) Reserve Bank of India via FIU
**A 10% customs duty applies to private crypto imports**; ongoing consultations consider potential bans or CBDC integ...
**A 10% customs duty applies to private crypto imports**; ongoing consultations consider potential bans or CBDC integration Supreme Court of India Judgment
**No central bank digital currency (CBDC) wholesale is yet live**; the e-Rupee pilot continues with full rollout pend...
**No central bank digital currency (CBDC) wholesale is yet live**; the e-Rupee pilot continues with full rollout pending RBI via PIB
PIB Press Release: PMLA Amendment
PIB Press Release: PMLA Amendment
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