Is Cryptocurrency Legal in India? Expert Guide for 2025 [Updated]
Current Legal Status of Cryptocurrency in India (2025)
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The rules around cryptocurrencies in India aren't black and white. Many investors still feel unsure about the legal status of digital assets even though they're widely used. Let's get into what's actually allowed in 2025.
Is cryptocurrency legal or illegal in India?
Indian law treats cryptocurrencies in a unique way. You can legally buy, sell, and trade cryptocurrencies like Bitcoin and Ethereum in India [1][1]. But this comes with strict rules and oversight.
The government calls cryptocurrencies 'Virtual Digital Assets' (VDAs) under Section 2(47A) of the Income Tax Act [1]. This puts crypto assets under official supervision and adds heavy tax requirements.
The current rules put these restrictions on cryptocurrency transactions:
- A 30% tax on profits from trading, selling, or spending cryptocurrencies [2]
- 1% Tax Deducted at Source (TDS) on crypto sales over ₹50,000 per financial year [2]
- You can't offset losses from one VDA against gains from another [3]
Budget 2025 managed to keep these tax policies. The 30% tax rate stays with its surcharge and cess [3]. The government broadened VDAs' definition to include "any crypto-asset which is a digital representation of value that relies on cryptographically secured distributed ledger or similar technology" [3].
Supreme Court's 2020 ruling and its implications
March 4, 2020 changed everything for cryptocurrency in India. The Supreme Court struck down the Reserve Bank of India's 2018 circular that had blocked cryptocurrencies [4]. This decision altered the map of India's crypto world.
Justice Rohinton Nariman led a three-judge bench that found the RBI's circular "disproportionate" because:
- RBI couldn't prove that regulated entities lost money due to cryptocurrency exchanges [4]
- The central bank ignored less restrictive options [4][5]
- The ban violated the constitutional right to practice any profession or business under Article 19(1)(g) [5]
Banks started working with cryptocurrency exchanges and users after this ruling. The RBI still warns people about crypto risks regularly [5].
The government works on complete regulations even after the Supreme Court's decision. The Cryptocurrency and Regulation of Official Digital Currency Bill, first shown in 2021, remains under review [1]. This bill wants to create rules that balance state-of-the-art ideas with proper oversight.
Cryptocurrencies as assets vs. legal tender
The difference between cryptocurrencies as assets and legal tender matters a lot in India. Finance Secretary T.V. Somanathan made it clear: "Cryptocurrency will never be a legal tender in India" [6].
Legal tender means money that people must accept to pay debts. Only the Digital Rupee from RBI counts as legal tender among digital currencies in India [6]. You can own and trade cryptocurrencies legally, but shops don't have to take them as payment.
The government sees cryptocurrencies like other investments such as gold or diamonds – valuable but not official money [6][6]. This means:
- You can't use cryptocurrencies as everyday money in India
- They face capital gains tax instead of currency exchange rules
- Users must follow tax rules and Anti-Money Laundering guidelines [2]
India's future crypto regulations try to control risks while promoting innovation. The Ministry of Economic Affairs is creating a concept paper about crypto that should define how crypto assets fit in India's system [7]. Global changes in crypto attitudes might affect India's rules, especially when you have countries like the United States becoming more crypto-friendly [8].
Historical Evolution of Crypto Regulation in India
India's experience with cryptocurrency regulations shows major policy changes, legal challenges, and new frameworks. This historical background helps us understand today's regulatory landscape and what the future might hold for digital assets in India.
RBI's 2018 banking ban on crypto transactions
A game-changing moment arrived on April 6, 2018, when the RBI released a circular that dealt a heavy blow to India's cryptocurrency ecosystem [3]. Banks and financial institutions could no longer work with virtual currency businesses and had to end existing relationships within three months [9]. The RBI wanted to protect the financial system from what it saw as risks of money laundering, fraud, and other illegal activities [9].
This change hit hard and fast. Trading volumes on Indian exchanges dropped by 99% [9]. Many platforms had to shut down or move to other countries. This became the most restrictive time for cryptocurrency regulation in India.
The Internet and Mobile Association of India (IAMAI) vs. RBI case
The Internet and Mobile Association of India (IAMAI) fought back against this regulatory setback. They represented several cryptocurrency exchanges and challenged the RBI circular in the Supreme Court [7]. Their petition claimed the ban wasn't constitutional because:
- It went against Article 19(1)(g) of the Constitution's right to run any trade or business
- The circular went too far compared to the risks it tried to fix
- The RBI didn't have the legal power to completely ban cryptocurrencies
- Less strict measures could have achieved the same goals
This decision changed everything for cryptocurrencies in India. Exchanges could now restart operations and work with banks again.
Post-Supreme Court regulatory developments (2020-2025)
Finance Minister Nirmala Sitharaman announced a 30% tax on cryptocurrency profits and a 1% TDS on transactions over ₹50,000 during the 2022 Union Budget [9][9]. Many saw this tax structure as a silent nod to cryptocurrencies, though the government still didn't call them legal tender.
The Finance Minister pointed out in July 2022 that effective cryptocurrency regulation needed international teamwork, recognizing digital assets as a global matter [9]. G20 member nations backed the Financial Stability Board's recommendations about crypto asset regulation in September 2023 [9].
Regulations kept changing through 2024-2025. The Ministry of Finance stated in December 2024 that they hadn't "predicted any timeline to introduce detailed regulatory guidelines for VDA industry in India" [11]. Talks focused on improving current frameworks, especially regarding VDA service provider definitions and strict KYC standards that don't work well in a digital industry [11].
Right now, cryptocurrency businesses must follow existing rules while waiting for comprehensive laws. This includes the Prevention of Money Laundering Act (PMLA) which requires strong Anti-Money Laundering and Know Your Customer protocols [12]. The Department of Economic Affairs plans to release a consultation paper about regulatory policy for Virtual Digital Assets by March 2025 [11].
Key Regulatory Bodies Governing Cryptocurrency in India
Indian cryptocurrency activities face oversight from multiple government agencies. This creates a layered regulatory framework that keeps evolving. The crypto world's maturity makes it vital for investors and businesses to understand these authorities and what they do.
Reserve Bank of India's (RBI) role and stance
The RBI takes a cautious approach to cryptocurrencies after the Supreme Court's 2020 ruling. India's central bank warns about Virtual Currencies (VCs) risks consistently. These include:
- Financial risks from speculation
- Operational issues like hacking and lost electronic wallets
- Legal problems due to weak customer protection
- Security concerns since anonymity could enable illegal activities
The RBI makes it clear that it has "not given any license/authorization to any entity/company to operate such schemes or deal with Bitcoin or any virtual currency" [4]. Users face extreme price swings because cryptocurrencies lack underlying assets, making their value pure speculation [4].
The central bank stands apart from other regulators with its strict control measures. The RBI remains "in favor of a ban on stablecoins" [5]. They see these as possible threats to financial stability and monetary control.
Securities and Exchange Board of India (SEBI) oversight
SEBI takes a different path than the RBI. They show more willingness to embrace regulatory innovation. The board suggests a regulatory framework involving multiple agencies for cryptocurrencies [5].
SEBI's framework proposes:
- SEBI would oversee cryptocurrencies labeled as securities and Initial Coin Offerings (ICOs) [5]
- The RBI would control crypto assets backed by regular currencies [5]
- IRDAI and PFRDA would watch over insurance and pension-related virtual assets [13]
- India's Consumer Protection Act would handle crypto trading complaints [13]
This proposal recognizes that VDAs have many aspects [13]. It aims to use different financial authorities' expertise to create balanced regulations.
Financial Intelligence Unit-India (FIU-IND) and AML compliance
The Ministry of Finance's FIU-IND became crucial in crypto regulation after March 2023's Prevention of Money Laundering Act (PMLA) changes [6].
The agency focuses on:
- Finding potential money laundering in financial deals
- Making sure everyone follows PMLA rules
- Giving information to law enforcement
- Watching over reporting entities, including crypto exchanges now [6]
Crypto exchanges must sign up with FIU-IND and follow strict rules:
- Check customer identity thoroughly
- Keep transaction records for five years minimum
- Report suspicious activity right away
- Set up internal Anti-Money Laundering (AML) rules [6]
Breaking these rules leads to harsh penalties. Exchanges might face big fines, asset seizures, or complete shutdowns. This happened in December 2023 when FIU-IND questioned several foreign crypto exchanges operating without proper registration [6].
Ministry of Finance and taxation framework
India's Finance Ministry created detailed crypto tax rules in the 2022 Union Budget. These rules still apply in 2025. They classify cryptocurrencies as Virtual Digital Assets (VDAs) under Income-tax Act's Section 2(47A) [14].
The tax structure includes:
- Profits from crypto deals face 30% tax, regardless of income bracket [15]
- Transactions over ₹50,000 yearly need 1% TDS (₹10,000 for certain people) [15]
- Losses from one VDA can't offset gains from another [15]
Finance Minister Nirmala Sitharaman wants to add Section 285BAA to the Income-tax Act. This would require "furnish information on crypto-asset transactions" [14]. Starting April 1, 2026, reporting entities must submit detailed statements within set timeframes.
The Ministry broadened VDA's definition to include "crypto-assets that rely on cryptographic security and distributed ledger technology" [14]. This ensures regulations cover new technological developments.
Taxation is the life-blood of India's cryptocurrency regulatory approach. Finance Minister Nirmala Sitharaman introduced one of the world's most stringent tax frameworks for Virtual Digital Assets (VDAs) in the 2022 Union Budget. This framework will stay unchanged through 2025, which has most important implications for crypto investors and businesses in the Indian market.
30% tax on crypto trading profits
India charges a flat 30% tax on all income from cryptocurrency transactions under Section 115BBH of the Income Tax Act [1]. This rate applies whatever:
- Your income tax slab
- Whether gains are short-term or long-term
- Whether income is from investments or business activities
The tax structure has several restrictive provisions:
- No deductions are allowed except for the cost of acquisition
- Losses from one crypto asset cannot offset gains from another
- Applicable surcharge (depending on income bracket) and 4% cess add to the base 30% rate [2]
This places cryptocurrency profits in India's highest tax bracket, right alongside gambling and lottery winnings. Budget 2025 managed to keep this stringent taxation policy, which disappointed industry hopes for potential relief [16].
1% TDS on transactions exceeding ₹50,000
A 1% Tax Deducted at Source (TDS) applies to all crypto asset transfers where values exceed ₹50,000 in a financial year (₹10,000 in certain cases) [1]. This provision tracks transactions since July 1, 2022 [3].
TDS implementation changes based on transaction type:
- Indian exchanges deduct and deposit TDS directly [3]
- Buyers handle TDS deduction on peer-to-peer platforms or foreign exchanges [3]
- Both buyers and sellers pay TDS for crypto-to-crypto swaps [8]
Filing Form 26QE becomes necessary within 30 days after the month ends when TDS was deducted [8]. Harsh penalties await non-compliance, including potential jail time of 3-7 years plus fines [3].
GST implications for crypto services
Indian cryptocurrency platforms charge 18% GST on their service fees, though crypto assets stay outside the GST framework [17]. Tax authorities continue to discuss appropriate GST treatment, making this situation dynamic.
The Tax Research Unit under the Central Board of Indirect Taxes and Customs (CBIC) wants to explore whether cryptocurrencies should be:
- Financial instruments
- Goods
- Services [17]
The GST Council might treat cryptocurrencies as "actionable claims" with 28% GST, on top of the existing 18% on transaction fees [17]. Industry experts support a balanced approach and suggest taxation under reverse charge mechanism on the margin to prevent cascading effects [17].
Tax reporting requirements for investors and exchanges
Crypto investors must use specific forms for FY 2023-24 and assessment year 2024-25:
- ITR-2 for capital gains reporting
- ITR-3 for business income reporting [18]
Both forms have a dedicated "Schedule VDA" specifically for cryptocurrency gains or income [1]. This requirement started in FY 2022-23 to ensure transparent disclosure of crypto transactions.
Budget 2025 introduced Section 285BAA, which requires taxpayers to provide detailed transaction reports for crypto trading [16]. This measure will give a better compliance and full disclosure starting April 1, 2026 [16].
Indian residents with cryptocurrency holdings need not disclose until they transact. Reporting becomes mandatory through appropriate tax returns when transfers result in capital gains or losses [2]. The government classifies undisclosed VDA holdings as undisclosed income, which attracts higher tax rates if not properly reported [16].
Anti-Money Laundering and KYC Requirements
Legal cryptocurrency operations in India need to comply with anti-money laundering regulations. The government has put reliable frameworks in place to stop illegal activities and protect the financial system's integrity.
PMLA application to Virtual Digital Assets (VDAs)
The Department of Revenue made a landmark decision on March 7, 2023, by extending the Prevention of Money Laundering Act (PMLA) to VDA-related activities [7]. This notification defined VDAs according to the Income Tax Act to include cryptocurrencies and non-fungible tokens [7]. The amendment made crypto exchanges and service providers "reporting entities" under the PMLA [10].
The regulation covers five key activities:
- Exchange between VDAs and fiat currencies
- Exchange between different forms of VDAs
- Transfer of VDAs
- Safekeeping or administration of VDAs
- Participation in financial services related to VDA sales [7]
Companies that work with these activities must keep transaction records for 5 years and verify their customers' identities [10]. Breaking these rules leads to severe penalties, including imprisonment for 3-7 years and property confiscation from illegal proceeds [10].
Implementation of the FATF Travel Rule in India
The Financial Action Task Force (FATF) Travel Rule requires businesses to collect and share transaction participants' personal data [19]. India added this rule through the March 2023 PMLA amendment [19]. The Financial Intelligence Unit-India (FIU-IND) released detailed guidelines for VDA service providers [19].
Service providers must get and safely send this information:
- Originator's PAN or National Identity Number
- Complete name of the originator
- Originator's wallet address
- Originator's geographical location or date/place of birth
- Beneficiary's name and wallet address [19]
Global implementation remains a challenge, as 75% of jurisdictions don't fully comply with FATF requirements [20]. Indian VDA service providers need to check their counterparties before sharing information [12].
KYC procedures for crypto exchanges
Know Your Customer (KYC) procedures are the foundations of anti-money laundering efforts. Crypto exchanges need to verify user identities through a well-laid-out process [11]. These requirements match traditional financial institutions' standards while addressing crypto-specific issues.
A typical KYC process collects:
- Personal data (name, date of birth, address)
- Government-issued identification (passport, driver's license)
- Proof of address from utility bills or bank statements
- Selfies or videos for identity verification [11]
High-risk customers need extra checks about their fund sources and transaction purposes [11]. These measures help prevent fraud and create a secure environment for legitimate cryptocurrency trading [21].
Reporting obligations for suspicious transactions
VDA service providers must report suspicious activities to FIU-IND quickly [22]. They need to file suspicious transaction reports (STRs) within 7 days of spotting suspicious activity [22]. Cash transaction reports for amounts over ₹10 lakh must reach authorities by the 15th of the next month [22].
Each institution's Principal Officer must record reasons for flagging suspicious transactions and ensure timely reporting [22]. The reports must stay confidential [22]. Any inappropriate disclosure could harm investigations or warn potential wrongdoers.
The Cryptocurrency and Regulation of Official Digital Currency Bill
The Cryptocurrency and Regulation of Official Digital Currency Bill marks a vital milestone in India's approach to cryptocurrency regulation. The legislative initiative, introduced in 2021, wanted to create a structured framework for digital assets and lay legal foundations for an RBI-issued digital currency.
Rise from 2021 to 2025
The bill was tabled during the 2021 Parliament Winter Session when cryptocurrency adoption grew in India. Though it didn't pass then, it substantially shaped future regulatory developments. The bill's focus changed between 2021-2025, moving away from outright prohibition toward a more balanced regulatory approach. The discussions now emphasize investor protection and clear guidelines for cryptocurrency exchanges instead of blanket bans.
Key provisions and restrictions
The bill's main goals include:
- Creating a framework for RBI's official digital currency (Digital Rupee)
- A proposal to ban "private cryptocurrencies" with some exceptions
- Promoting underlying blockchain technology for research and teaching
- Setting up regulatory oversight mechanisms for crypto assets
RBI would back the Digital Rupee as a digital version of India's fiat currency, matching the value of conventional currency. The bill's restrictive provisions stemmed from worries about consumer protection, money laundering, tax evasion, and possible effects on the existing financial system.
Comparison with previous draft bills
The 2021 bill differed greatly from its 2019 predecessor. The 2019 version suggested explicit bans and criminal penalties for cryptocurrency activities (including mining, holding, selling, and transferring). A more moderate approach emerged in the later bill. It recognized blockchain technology's benefits and allowed exceptions to promote technological innovation.
Current status and implementation timeline
The detailed bill remains under review in early 2025, without a fixed implementation timeline. The Ministry of Finance stated that a comprehensive regulatory framework would work only through significant international collaboration. India reviews country-specific characteristics while working with standard-setting bodies and the G20 on necessary measures for crypto assets.
Cryptocurrency regulation happens through existing frameworks now. These include taxation, PMLA provisions, and guidelines from regulatory bodies rather than dedicated legislation.
RBI's Central Bank Digital Currency (CBDC) Development
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The Reserve Bank of India has started its own digital currency initiative while the country works on cryptocurrency regulations. The e-Rupee serves as the digital version of India's sovereign currency and provides a government-backed alternative to private cryptocurrencies.
Digital Rupee pilot programs and results
The RBI started its CBDC pilot program in December 2022 with two versions—wholesale (e₹-W) for interbank settlements and retail (e₹-R) for public use [9]. The retail pilot began with four banks (State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank). Later, it grew to include four more banks (Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank) [23]. The program now includes about five million users and 16 banks as of 2024 [9]. The e₹-R circulation has grown to ₹2.34 billion in FY 2023-24 from ₹57 million in the previous year [9].
Technical infrastructure and implementation
The Digital Rupee uses a token-based system that recognizes the holder as the owner [24]. The system includes these technical features:
- A permissioned blockchain technology that enables instant settlements [25]
- Digital wallets connected to users' bank accounts [26]
- Support for Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions [23]
- Functionality in areas with limited internet access [26]
The RBI wants the e₹ design to fit smoothly into the existing financial system [4].
Coexistence with private cryptocurrencies
The Digital Rupee serves different purposes than private cryptocurrencies. Private cryptocurrencies work as investment assets, while the e₹ functions as a payment method [27]. The RBI believes both should exist alongside physical currency based on public needs [28]. CBDCs will make payments and settlements easier, while cryptocurrencies will continue to serve various purposes [25].
Potential effect on the crypto ecosystem
The Digital Rupee will reshape India's crypto landscape. These changes might include:
The Digital Rupee combines the benefits of cryptocurrency with traditional monetary stability [30]. This combination could bridge the gap between standard financial systems and crypto breakthroughs.
Comparison with International Crypto Regulations
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Cryptocurrency markets are maturing worldwide, and each country takes a different approach to regulation. A look at how India's framework matches international standards helps us understand where the country stands in the evolving digital world.
India vs. United States regulatory approach
The United States has a split regulatory system where several agencies watch over cryptocurrency activities. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) play key roles. India takes a different path and moves toward a more unified multi-agency framework. The SEC has been particularly aggressive in using existing securities laws for crypto assets, which led to many actions against companies like Ripple and Coinbase [31].
The U.S. has started to take a more crypto-friendly stance. President Trump ordered a cryptocurrency working group to be created in 2024. This group will suggest new rules and look into setting up a national cryptocurrency stockpile [32]. This change made India take a fresh look at its own rules. Economic Affairs Secretary Ajay Seth noted that India can't make decisions alone since crypto assets "don't believe in borders" [5].
India vs. European Union (MiCA regulations)
The EU's Markets in Crypto Assets (MiCA) rules came into effect in 2023. These rules offer a complete framework that India might want to copy. MiCA covers ten categories of Crypto Asset Service Providers. It clearly defines asset types such as Crypto Assets, Utility Tokens, Asset-referenced Tokens, and E-money Tokens [13].
India's current step-by-step approach differs from MiCA, which gives "passporting rights" to licensed providers. These rights let them work across EU countries without extra permits [13]. The European system focuses on future-ready rules that welcome state-of-the-art ideas while protecting consumers—a balance India still aims to strike.
India vs. Asian counterparts (Singapore, Japan)
Singapore treats cryptocurrency as property but not legal tender, just like India. Singapore has clearer rules though. They announced a framework for stablecoins in 2023 that lets approved issuers use the "MAS-regulated stablecoin" label [33].
Japan leads the pack as the first country to use "crypto-asset" in its laws [34]. They take a forward-thinking approach by accepting bitcoin as a payment method (though not legal tender). They also set up the Japanese Virtual Currency Exchange Association (JVCEA) to regulate itself [35]. India still works on its rules without such self-governing bodies.
Global regulatory trends and India's position
Countries worldwide now prefer structured oversight instead of bans. India follows this trend and has moved from thinking about banning private cryptocurrencies to creating proper rules [36].
India used its G20 presidency to support international teamwork on crypto regulation. They understood that good governance needs global coordination [13]. As watchdogs around the world focus on protecting consumers, stopping money laundering, and keeping finances stable, India's approach matches these goals while handling local concerns.
Conclusion
India's cryptocurrency experience has reached a significant point. Cryptocurrency trading remains legal, but strict regulations govern the market with a 30% tax on profits and 1% TDS on transactions. The regulatory environment keeps changing as detailed frameworks like PMLA and strong KYC requirements balance new ideas with oversight.
The cryptocurrency sector in India shows promising signs. Projections indicate a user base of 270 million by 2025 and beyond. RBI's Digital Rupee pilot program proves the government's dedication to digital currency technology. Private cryptocurrencies still face close regulatory examination.
Anyone wanting to join India's expanding cryptocurrency ecosystem can claim their Free Jio Coin - Indian Cryptocurrency. Understanding regulatory requirements remains vital.
Success in India's crypto market needs proper understanding of tax rules, AML guidelines compliance and correct reporting methods. India wants to build a secure environment for cryptocurrency operations that protects investors. The country collaborates internationally to achieve this goal.
FAQs
Q1. What is the current tax rate on cryptocurrency profits in India? India imposes a flat 30% tax on all income derived from cryptocurrency transactions, regardless of your income tax slab or whether the gains are short-term or long-term. This tax applies to profits from selling, trading, or exchanging crypto assets.
Q2. Are cryptocurrencies legal tender in India? No, cryptocurrencies are not recognized as legal tender in India. While buying, selling, and trading cryptocurrencies is legal, they cannot be used as an official means of payment. The government classifies them as 'Virtual Digital Assets' for regulatory and taxation purposes.
Q3. What are the key anti-money laundering requirements for crypto exchanges in India? Crypto exchanges in India must implement strict Know Your Customer (KYC) procedures, maintain transaction records for at least 5 years, and promptly report suspicious activities to the Financial Intelligence Unit-India (FIU-IND). They are also required to comply with the FATF Travel Rule, collecting and sharing specific personal data for transactions.
Q4. How does India's approach to cryptocurrency regulation compare to other countries? India's regulatory approach is evolving, with a focus on taxation and anti-money laundering measures. Unlike the US's fragmented oversight or the EU's comprehensive MiCA framework, India is developing a coordinated multi-agency approach. The country is also actively participating in global discussions to align its policies with international standards.
Q5. What is the status of India's Central Bank Digital Currency (CBDC)? The Reserve Bank of India has launched a pilot program for its Digital Rupee (e₹) in both wholesale and retail versions. As of 2024, the program involves approximately 5 million users and 16 banks. The e₹ operates on a token-based system using blockchain technology and is designed to coexist with physical currency and private cryptocurrencies.
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