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INDIA
ELLIPTIC
23 January, 2023
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SUMMARY
The popularity of digital currencies and virtual digital assets are on the rise
in India. As per a United Nations Conference on Trade and Development report in
2022, India ranked seventh on the list of countries ranked as per digital
currency adoption, with 7.3% of the country’s population owning cryptoassets in
2021.
However, the regulations in this sector are still in their nascent stages, with
no law currently in place dedicated to regulation of cryptoassets. This country
guide sets out the latest laws and developments in the crypto sector in India.
LEGAL STATUS
Unregulated. While there is no law explicitly prohibiting the use and trade of
virtual digital assets (VDAs) in India, currently, all forms of VDAs – including
cryptocurrencies – are unregulated in India and hence, currently, trading in the
same is at the asset holder’s own risk.
However, the Indian government has demonstrated a clear intention of regulating
VDAs through several recent regulations and decisions, in particular, the
Reserve Bank of India (RBI’s) proposal to introduce the digital Rupee in the
form of a central bank digital currency (CBDC). This is a digital form of
currency which is proposed to be backed by the RBI.
The RBI – in its Concept Note on Central Bank Digital Currency dated October 7th
2022 – set out the key factors that would be taken into account to roll out
CBDCs in India. The RBI has, since issuing this concept note, launched pilots of
both wholesale CBDCs (restricted for use by financial institutions ) and retail
CBDCs (available to the private sector as a substitute for cash-backed retail
transactions) as of December 2022.
MAJOR STAKEHOLDERS
* Owners and end consumers of cryptoassets.
* Miners.
* Crypto trading platforms/crypto exchanges.
* Payment systems and payment system participants.
* Banks.
PRIMARY REGULATORS
* The Reserve Bank of India (RBI): is the central bank of India with the
primary function being to manage and govern the country’s financial system.
It regulates the issue and management of Indian currency. Thus,
cryptocurrencies also, if regulated, would fall within the ambit of the RBI.
It can be contacted by completing this form.
* Registrar of Companies (RoC), The Ministry of Corporate Affairs: companies,
sole proprietorships and limited liability partnerships that undertake any
business, including in the virtual digital asset space are handled by the
RoC. The RoCs for various states may be contacted via email IDs set out here.
* Income Tax Department (IT Department), Government of India: the Income Tax
Department is the authority that undertakes and controls collection of direct
taxes in India. It may be contacted via the contact numbers and email IDs
available here.
* Securities Exchange Board of India (SEBI): is the body that regulates the
securities and commodities market in India. Crypto exchanges – if regulated –
would fall within the purview of SEBI. It can be contacted by completing this
form.
* The Advertising Standards Council of India (ASCI):is the advertising
industry’s self-governing body. It regulates all forms of advertisements in
India and has issued guidelines regarding the advertising of virtual digital
assets in India. ASCI can be contacted at contact@ascionline.in.
INDUSTRY ASSOCIATIONS
India’s initial industry advocacy body – the Blockchain and Crypto Assets
Council – was reportedly disbanded in mid-2022 by its parent organization, the
Internet and Mobile Association of India, due to the uncertainty of the
regulation of VDAs in India.
However, in November, 2022, a new organization – the Bharat Web3 Association
(BWA) – was formed by leading industry members such as Polygon, Hike, CoinDCX,
Zebpay, CoinSwitch Kuber and WazirX. The BWA aims to spread awareness about the
crypto sector in India and liaise with regulators regarding regulations
pertaining to VDAs.
KEY REGULATIONS, CASE LAW AND GUIDELINES
* Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 (2021
Bill): is currently tabled before the Indian Parliament for approval. While
not yet available in the public domain, the 2021 Bill is reported to set up
an enabling framework for official digital cryptocurrencies to be issued by
the RBI, and to prohibit private cryptocurrencies not issued by the State.
There is no clarity on the definition of private cryptocurrencies. However,
this 2021 Bill has not yet been notified and does not have the effect of law.
Prior to the 2021 Bill, the Inter-Ministerial Committee, Government of India
had proposed the Banning of Cryptocurrency & Regulation of Official Digital
Currency Bill, 2019. However, this bill did not materialize into law.
* Amendment of Schedule III of the Indian Companies Act, 2013: the Ministry of
Corporate Affairs has recently issued a notification amending Schedule III of
the Companies Act, 2013 and requiring companies to disclose their
profits/loss and amount of virtual currencies held, in their financial
statements from April 4th 2021.
* Union Budget 2022 – 2023: the Union Budget announcement of 2022-2023
specifies that (i) income from VDAs is proposed to be taxed at 30% and loss
from transfer of VDAs cannot be set off against any other income; (ii)
“tax-deducted-at-source” of 1% of consideration is proposed to be levied on
any payments made in relation to transfer of VDAs, subject to a monetary
threshold (this was later included in S. 194 S of the Income Tax Act, 1961);
and (iii) recipients of virtual assets as gifts are also proposed to be
taxed.
* Guidelines for the advertising of Virtual Digital Assets and linked services:
the Advertising Standards Council of India, the advertising industry’s
self-governing body issued “Guidelines for the advertising of Virtual Digital
Assets and linked services” (Guidelines), a first of their kind in India in
2022. The Guidelines came into effect on April 1st 2022 and are applicable to
all new advertisements on virtual digital assets released or published after
this date. The Guidelines set out standards for advertising of VDAs such as
the type of disclaimers to include, information that may be advertised/relied
on and details to be shared, among other things.
* Other Applicable Regulations: other Indian legislations that may apply to
VDAs and the entities that deal in them would include the Prevention of Money
Laundering Act, 2002, the Foreign Exchange Management Act, 1999 and the
Income Tax Act, 1961.
* Internet and Mobile Association of India v. Reserve Bank of India (Writ
Petition (Civil) No.528 and 373 of 2018): On April 6th 2018, a circular was
issued by the RBI which imposed a prohibition on dealing in virtual
currencies (Circular). However, in March 2020, the Supreme Court of India
quashed this Circular on the grounds of proportionality as the RBI was unable
to show semblance of any damage suffered by its regulated entities due to
such virtual currencies. This judgment of the Supreme Court does not in
itself contemplate whether cryptocurrency ought to be banned in India or not.
In light of the Supreme Court’s decision, the RBI issued a clarification in
May 2021 that the Circular was no longer in effect.
KEY PLAYERS
* WazirX: this is an India-based crypto exchange launched in 2021 which allows
users to buy, sell and trade in crypto assets such as Bitcoin, Ether and
Litecoin across platforms.
* CoinDCX: this crypto investment app was established in India in 2018 and
currently lists over 200 coins. The app provides various features for
different categories of investors.
* CoinSwitch: is one of India’s biggest crypto companies, backed by investors
such as Tiger Global and Sequoia Capital.
* Apart from the crypto exchanges mentioned above, other prominent players in
the virtual digital sector in India include gaming companies harnessing
blockchain technology such as Hike, founded by Kavin Bharti Mittal and the
blockchain platform Polygon.
SIGNIFICANT REPORTS
* One of the earliest reports on VDAs was the Inter-Ministerial Committee
Report of 2017. This report was drafted to analyze the potential application
of VDAs and distributed ledger technologies in the trade and finance sectors
in India and propose actions to be taken with regard to VDAs.
* The SG Garg Committee Report of 2019, available here, set out the many issues
(regulatory and otherwise) related to cryptocurrency and legalizing the same
in India.
* More recently, the RBI’s Financial Stability Report of 2021-2022, accessible
here, analyses crypto assets and their possible impact on the Indian economy.
The report states in its preamble that “Cryptocurrencies are a clear danger.
Anything that derives value based on make believe, without any underlying, is
just speculation under a sophisticated name.”
* The RBI on October 7th 2022 issued a Concept Note on Central Bank Digital
Currency. This note sets out a detailed proposal by the RBI regarding the
rollout of CBDCs in the form of a digital Rupee, the key features of CBDCs
and the potential impacts, negative and positive, that the introduction of
CBDCs could have in the Indian economy. The note also references
cryptocurrencies, commenting on how the proliferation of crypto assets can
pose significant risks related to money laundering and financing of
terrorism, be a threat to monetary policy objectives and lead to creation of
a parallel economy. The note also states that cryptocurrency could adversely
affect the enforcement of foreign exchange regulations, especially the
circumvention of capital flow measures.
Law is stated as at January 2023.
This update was prepared by Rohan K. George (Partner, Samvad Partners) and
Sushma Sosha Philip (Senior Associate, Samvad Partners).
https://www.samvadpartners.com/
Read more
Regulation Country Guide APAC
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