India
June 4, 2026
21 min read
India occupies a unique position in crypto regulation: it has no comprehensive crypto-specific legislation, yet it taxes crypto heavily, enforces AML/CTF compliance through the Financial Intelligence Unit (FIU-IND), and has the RBI actively discouraging crypto payment use while promoting its digital rupee (CBDC) as the sovereign alternative. The regulatory approach can be characterised as "regulate by taxation and enforcement, not by legislation."
The Reserve Bank of India (RBI) attempted a blanket ban on crypto-related banking services in 2018, which was struck down by the Supreme Court of India in March 2020 as disproportionate. Since then, the government has imposed a 30% flat tax on Virtual Digital Asset (VDA) income (Section 115BBH, Finance Act 2022) and a 1% Tax Deducted at Source (TDS) on VDA transfers (Section 194S), creating one of the world's most punitive crypto tax regimes. The FIU-IND requires crypto exchanges to register as reporting entities under the Prevention of Money Laundering Act (PMLA) and has aggressively blocked non-compliant offshore platforms.
India's Unified Payments Interface (UPI) processes over 20 billion transactions monthly, making crypto payment competition structurally difficult. The RBI's digital rupee pilot has grown to roughly 10 million users (from ~7 million earlier in 2026) and is expanding through programmable welfare-subsidy delivery and cross-border CBDC initiatives -- even as the e-rupee in circulation fell ~24% year-on-year to INR 771.7 crore as of 31 March 2026 (RBI Annual Report 2025-26), reflecting a shift from incentive-driven headline numbers toward targeted use-cases.
1. Legal Status
Crypto is not illegal in India, but it is also not legal tender and has no formal legal classification as currency, commodity, or security. The government recognises crypto as Virtual Digital Assets (VDAs) for tax purposes only.
Key distinctions:
- Not legal tender: Cannot be used for mandatory acceptance; not a substitute for the Indian Rupee (INR)
- Not banned: The 2018 RBI banking circular was struck down by the Supreme Court in 2020; no subsequent ban has been enacted
- Not formally regulated: No comprehensive licensing or registration framework exists (FIU-IND registration addresses only AML/CTF)
- Taxed as VDAs: All crypto transfers are taxable under the Income Tax Act
- Not usable for official payments: The RBI explicitly discourages crypto for payments
2018 RBI Ban and 2020 Supreme Court Reversal
| Date | Event |
|---|---|
| April 2018 | RBI issues circular directing regulated entities (banks) not to deal in or provide services for virtual currencies |
| March 2020 | Supreme Court of India (Internet and Mobile Association of India v. RBI) strikes down the circular as disproportionate, finding that virtual currencies had caused no visible damage to banks and that a blanket exclusion was not warranted when no law prohibited crypto trading itself |
The Supreme Court held that while the RBI had authority to regulate virtual currencies, a complete exclusion from the banking system was disproportionate given the absence of any legislative ban.
Sources:
2. Regulatory Framework
Regulatory Architecture
| Regulator / Body | Role | Key Authority |
|---|---|---|
| Ministry of Finance | Policy; taxation; proposed legislation | Finance Act; Income Tax Act |
| Reserve Bank of India (RBI) | Banking supervision; discouraging crypto payments; digital rupee | RBI Act; Payment and Settlement Systems Act 2007 |
| Financial Intelligence Unit India (FIU-IND) | AML/CTF registration and compliance for VDA service providers | Prevention of Money Laundering Act (PMLA) 2002 |
| Central Board of Direct Taxes (CBDT) | VDA taxation enforcement | Income Tax Act (Sections 115BBH, 194S) |
| Securities and Exchange Board of India (SEBI) | No direct crypto jurisdiction; has requested regulatory role | SEBI Act |
Regulatory Instruments (No Comprehensive Legislation)
| Instrument | Description | Status |
|---|---|---|
| Finance Act 2022 (Sections 115BBH, 194S) | 30% tax on VDA income; 1% TDS on VDA transfers | In force (1 April 2022 / 1 July 2022) |
| Income Tax Act 2025 (received Presidential assent; effective 1 April 2026) | Recodified VDA definition; introduced Section 509 (reporting-entity obligation to furnish crypto-asset transaction statements) and Section 446 penalties (Rs 200/day for non-furnishing; Rs 50,000 for inaccurate/uncorrected information or due-diligence failure) | In force (from 1 April 2026) |
| PMLA (Amendment) 2023 | Brings VDA service providers under PMLA as reporting entities | In force (7 March 2023) |
| FIU-IND AML/CFT Guidelines for VDA Reporting Entities (8 January 2026) | Enhanced compliance: CERT-In / third-party cyber-security audits, Principal Officer duties, Travel Rule norms, unhosted-wallet and P2P scrutiny | In force |
| Cryptocurrency and Regulation of Official Digital Currency Bill | Proposed comprehensive crypto legislation | NOT ENACTED; repeatedly deferred; DEA discussion paper reportedly shelved April 2026 amid RBI opposition |
Sources:
3. VDA Tax Framework
India's crypto tax regime is among the most punitive globally, designed to discourage speculative trading while generating tax revenue.
Section 115BBH -- 30% Flat Tax
- Rate: 30% flat tax on income from transfer of VDAs (plus 4% health and education cess and applicable surcharge)
- No slab benefit: Applies uniformly regardless of income level, holding period, or investor type
- No long-term concession: No reduced rate for long-term holdings (unlike equities)
- Cost of acquisition only: The only deductible expense is the cost of acquisition; no deduction for transaction fees, advisory costs, or other expenses
- No loss offset: Losses from VDA transfers cannot be offset against:
- Gains from other VDAs
- Any other head of income (salary, business, capital gains from shares/property)
- Future years (no carry-forward)
Section 194S -- 1% TDS
- Rate: 1% TDS on the transfer consideration of VDAs
- Threshold: Applies when aggregate transfers exceed INR 50,000 in a financial year (INR 10,000 for specified persons)
- Deductor: The buyer or the exchange (as applicable) must deduct and remit TDS
- Effective date: 1 July 2022
Impact on Crypto Payments and Trading
The tax regime has had a chilling effect on crypto activity in India:
- Trading volumes on Indian exchanges dropped significantly after the introduction of the 30% tax and 1% TDS
- The inability to offset losses between different VDAs makes trading economically punishing
- Using crypto for payments triggers a taxable "transfer" event, creating friction for everyday payment use
- Many Indian traders migrated to offshore platforms (prompting FIU-IND enforcement -- see Section 4)
Schedule VDA (Tax Reporting)
Income Tax Returns (ITR-2 and ITR-3) include Schedule VDA for mandatory declaration of all crypto/VDA gains. Under the Income Tax Act 2025 (Presidential assent; effective 1 April 2026), Section 509 obliges prescribed reporting entities (crypto exchanges, custodians, wallet providers, broker-dealer platforms) to furnish user-level crypto-asset transaction statements to the tax authority. Section 446 imposes a penalty of Rs 200 per day for failure to furnish such statements and Rs 50,000 for furnishing inaccurate information that is not corrected, or for due-diligence failures under Section 509(5). Operational rules (form, format, timing, exact class of reporting entities) were still to be notified as of mid-2026.
Sources:
4. FIU-IND Registration and Enforcement
PMLA Registration Requirement
Since the March 2023 PMLA amendment, all VDA service providers (exchanges, custodians, transfer facilitators) must register as reporting entities with FIU-IND. Obligations include:
- Customer due diligence (CDD) and KYC verification
- Suspicious Transaction Reports (STRs) to FIU-IND
- Record maintenance of all transactions
- Enhanced Due Diligence (EDD): From January 2026, FIU-IND mandates EDD for all users; anonymous trading is no longer permitted on registered exchanges
FIU-IND Registration -- Dimension Breakdown
India has no dedicated payment / money-transmitter / e-money / CASP license for crypto. The only formal authorisation gate is registration as a "reporting entity" with FIU-IND under the PMLA -- an AML/CFT registration, not a prudential or payment license. Its dimensions:
| Dimension | Detail |
|---|---|
| Authority | Financial Intelligence Unit -- India (FIU-IND), Department of Revenue, Ministry of Finance |
| Legal basis | PMLA 2002 (as amended 7 March 2023, SO 1072(E)); FIU-IND AML/CFT Guidelines for VDA Reporting Entities (8 January 2026) |
| Scope of "VDA SP" | Exchange between VDAs and fiat; exchange between VDAs; transfer of VDAs; safekeeping/custody; participation in/financial services for issuance of VDAs |
| Capital requirement (fixed) | NOT VERIFIED -- registration is AML-based; no published minimum paid-up / regulatory capital threshold |
| Capital requirement (ongoing) | NOT VERIFIED -- no published ongoing capital/own-funds requirement |
| Application / annual fee | NOT VERIFIED -- no publicly disclosed fee schedule for FIU-IND registration |
| Timeline to register | NOT VERIFIED -- no statutory service-level published |
| Safeguarding of client assets | NOT VERIFIED -- no dedicated client-money/asset-segregation rule in the AML registration; no e-money safeguarding regime |
| Staffing / substance | Designated Principal Officer and Designated Director required; the January 2026 guidelines clarify Principal Officer responsibilities and mandate cyber-security controls (CERT-In / third-party accreditation) |
| Passporting | None -- domestic registration only; no cross-border passport |
| Offshore reach | Offshore platforms serving Indian users must register; non-compliant ones face Section 13 PMLA notices and URL/app blocking |
| Banking access | Not guaranteed by registration; banks remain cautious post-2020 Supreme Court ruling |
| Approval data | 49 registered as of FY 2024-25 (per FIU-IND annual report); ~INR 2.8 billion in penalties reported imposed on non-compliant entities during FY 2024-25 (industry-reported figure -- see Verification Notes) |
| Regulatory direction | Tightening toward a structured compliance ecosystem; possible future multi-regulator model (SEBI + RBI) under study |
Registration Status
As of early 2026, 49 crypto exchanges have registered with FIU-IND:
- 45 India-based platforms
- 4 offshore exchanges serving Indian users (having complied with registration; offshore registrants reported to include Binance, KuCoin, Coinbase and Bybit)
Offshore Platform Enforcement
In October 2025, FIU-IND issued non-compliance notices to 25 offshore VDA service providers under Section 13 of the PMLA, directing them to take down apps, websites, and URLs operating illegally without PMLA compliance. Blocked platforms include:
AscendEx, BC.Game, BingX, BitMEX, Bitrue, BTCC, BTSE, CEX.IO, Changelly, CoinCola, CoinEx, CoinW, Huione, HitBTC, LBank, LCX, LocalCoinSwap, Paxful, Phemex, Poloniex, PrimeXBT, Probit Global, Remitano, Youhodler, and ZooMex.
These platforms remain restricted in India until they register with FIU-IND.
January 2026 Updated Guidelines
FIU-IND issued updated compliance guidelines introducing:
- Mandatory CERT-In cybersecurity audits
- Clearer Principal Officer responsibilities
- Tightened Travel Rule norms with added scrutiny on unhosted wallet and P2P transactions
Sources:
- PIB: FIU-IND Issues Notices to 25 Offshore VDA Service Providers
- Charltonsquantum: India Crypto Crackdown 2025
- CryptoTimes: India Crypto Rules Evolve as BWA Hosts FIU-IND Workshop
- FIU-IND: AML & CFT Guidelines for Reporting Entities Providing Services Related to VDAs (8 January 2026, PDF)
- Blockonomi: 49 Crypto Exchanges Complete Registration with India's FIU
5. Proposed Comprehensive Legislation
Cryptocurrency and Regulation of Official Digital Currency Bill
The government has repeatedly deferred the introduction of comprehensive crypto legislation:
- A bill was first listed for the Winter Session 2021 but never introduced
- Revised versions have been reportedly drafted multiple times
- As of June 2026, no comprehensive crypto bill has been enacted
- The Department of Economic Affairs (DEA) crypto policy discussion paper -- promised since mid-2024 -- was reportedly shelved again around April 2026 amid continued RBI opposition, marking at least the fifth public deferral
- Current signals suggest the government will shift toward regulation rather than prohibition, with a likely multi-regulator model focused on licensing exchanges, mandatory KYC, and regulatory sandboxes
The government has cited concerns about systemic risks, financial instability, and monetary sovereignty as reasons for delaying comprehensive regulation.
May 2026 Parliamentary Standing Committee Hearing
On 20 May 2026, the Parliamentary Standing Committee on Finance (chaired by BJP MP Bhartruhari Mahtab) held its 7th sitting on VDAs, summoning registered exchanges (ZebPay, Binance, WazirX), the Revenue Secretary, Income Tax Department, Corporate Affairs Secretary and IFSCA officials. The chair flagged that "thousands of crores" are flowing out of India through VDA investments and that the bulk of Indian VDA trading volume now occurs on offshore platforms. Industry participants pressed for tax rationalisation (review of the 30% flat tax and 1% TDS) and a level playing field. The committee stressed it remains in a study phase and did not announce any specific legislation or framework.
SEBI's Emerging Role and Tokenisation
SEBI has moved to oversee crypto-assets that resemble securities and has been associated with proposals for a multi-regulator model (SEBI as primary supervisor of crypto exchanges; RBI overseeing foreign-investment, cross-border and capital-flow issues). An Asset Tokenisation (Regulation) Bill, 2026 has been referenced as introduced in the Rajya Sabha, providing a framework for tokenised assets. Status NOT VERIFIED against the official bill text / Rajya Sabha record -- treat as reported and pending confirmation.
G20 and International Coordination
India chaired the G20 in 2023 and pushed for an international framework for crypto regulation coordinated through the FATF, FSB, and IMF. The government has indicated it prefers to align domestic legislation with emerging global standards rather than act unilaterally.
Sources:
- SCC Online: Regulating the Unregulated -- India's Legal Conundrum with Cryptocurrencies
- Global Legal Insights: Blockchain & Cryptocurrency Laws 2026 -- India
- AIPrise: Is Cryptocurrency Banned in India?
- Cyril Amarchand: FIG Paper No. 57 (VDA Series 11) -- India Digital Assets Round-Up (May 2026)
- CryptoTimes: Parliament's 7th VDA Meeting (20 May 2026)
- CryptoTimes: India's Crypto Policy Delayed Again as RBI Blocks Discussion Paper (1 April 2026)
6. RBI and Crypto Payment Restrictions
RBI's Position
The RBI has consistently opposed crypto as a payment mechanism:
- The RBI discourages the use of cryptocurrencies for payments while encouraging use of the Digital Rupee (CBDC)
- While the 2018 banking circular was struck down, the RBI has signalled continued scepticism about crypto's role in the payment system
- The RBI views crypto as a threat to monetary sovereignty and financial stability
- On stablecoins, the RBI has argued (including in its December 2025 Financial Stability Report) that CBDCs should be prioritised over stablecoins, on the view that a digital rupee can deliver the same efficiency, programmability and instant-settlement benefits with the safety of central-bank money -- a stance that partly drove the shelving of the DEA crypto discussion paper in April 2026
Practical Barriers to Crypto Payments
- Tax friction: Every crypto transfer triggers a 30% tax event and 1% TDS, making payments economically unviable
- No merchant framework: No regulatory infrastructure exists for merchants to accept crypto payments
- UPI dominance: India's Unified Payments Interface processes over 20 billion transactions monthly (September 2025), making crypto payment alternatives structurally uncompetitive
- Banking caution: Despite the Supreme Court ruling, banks remain cautious about providing services to crypto companies
7. RBI Digital Rupee (e-Rupee) Pilot
The RBI has positioned the digital rupee as India's sovereign digital payment solution, explicitly as an alternative to private crypto.
Current Status
| Metric | Detail |
|---|---|
| Users | ~10 million (mid-2026; up from ~7 million earlier in 2026) |
| Participating banks | 16 major banks |
| Circulation | INR 771.7 crore (~INR 7.72 billion) as of 31 March 2026 -- down ~24% from INR 1,016.5 crore a year earlier (RBI Annual Report 2025-26) |
| Cumulative transactions | ~USD 3.6 billion since December 2022 launch |
| Offline capability | NFC-based payments via 15 banks (rolled out late 2025) |
Pilot Phases
- Wholesale CBDC pilot: Launched 1 November 2022 for interbank settlements
- Retail CBDC pilot: Launched 1 December 2022 for person-to-person and merchant payments
- Phase 2 (deposit tokenisation): Commenced 8 October 2025 using blockchain settlement
Programmability Features
The digital rupee now supports programmable payments for targeted government subsidies:
- Andhra Pradesh Deepam 2.0: LNG subsidy restricted to approved purchases
- Gujarat G-SAFAL: Agricultural livelihood assistance restricted to approved inputs
Comparison with UPI
The digital rupee is not designed to replace UPI but to complement it:
- UPI: Payment interface moving existing bank money between accounts
- Digital rupee: Actual digital money issued by the RBI (digital cash); transactions occur directly between wallets without bank intermediaries
- Scale gap: UPI processes ~USD 300 billion monthly vs. ~INR 771.7 crore digital rupee in circulation (March 2026)
2026 Expansion: Welfare Pilots and Cross-Border CBDC
Per the RBI's 2025-26 annual report, the RBI is widening the e-rupee's role through programmable welfare-subsidy pilots (~10 programmes routing parts of India's ~USD 80 billion welfare system, including food-subsidy and drip-irrigation subsidy schemes in Gujarat, Maharashtra, Puducherry and Chandigarh) and cross-border CBDC initiatives, including a digital-assets cooperation pact with the Monetary Authority of Singapore and discussions with the UAE. The RBI is also pushing a proposal to link CBDCs across BRICS economies at the bloc's 2026 summit to reduce dollar reliance.
Sources:
- CoinDCX: RBI Confirms India CBDC Launch Date
- Giottus: CBDC in India -- Key Developments
- The Week: The World Is Watching India's Digital Rupee Pilot
- PwC India: Future of Digital Currency in India
- Business Upturn: Digital Rupee in Circulation Falls 24% to Rs 771.7 crore (RBI Annual Report 2025-26)
- CoinDesk: India Pushes Digital Rupee Through Welfare Pilots as BRICS CBDC Plan Takes Shape (24 April 2026)
8. AML/KYC Framework
PMLA-Based Compliance
VDA service providers registered with FIU-IND must comply with PMLA requirements:
- Customer identification and verification (KYC)
- Suspicious Transaction Reports (STRs) and Cash Transaction Reports (CTRs)
- Record retention: Minimum 5 years
- Enhanced Due Diligence: Mandatory from January 2026 for all users
- Travel Rule: Tightened norms as of January 2026, with enhanced scrutiny on unhosted wallets and P2P transactions
FATF Alignment
India is a FATF member and underwent its mutual evaluation in 2023-2024. The FATF has highlighted the need for India to strengthen its crypto regulatory framework, which partly motivates the FIU-IND's aggressive enforcement posture.
9. Comparison with Regional Peers
| Dimension | India | Singapore | Hong Kong | Japan |
|---|---|---|---|---|
| Comprehensive crypto law | No (tax + PMLA only) | Yes (PSA) | Yes (AMLO + Stablecoins Ordinance) | Yes (PSA + FIEA) |
| Crypto tax rate | 30% flat (most punitive) | 0% for individuals | 0% capital gains | 15-55% (income tax) |
| Loss offset allowed | No | N/A (no tax) | N/A | Yes |
| TDS on transfers | 1% TDS | None | None | None |
| FIU/AML registration | FIU-IND (PMLA) | MAS licensing | SFC licensing | JFSA registration |
| Stablecoin regime | None | MAS framework | Stablecoins Ordinance | JFSA framework |
| CBDC pilot | Digital rupee (~10M users) | Project Orchid | e-HKD | Not launched |
| Crypto as payment | Economically unviable (tax) | Permitted (regulated) | Permitted | Permitted (legal) |
10. Key Regulatory Milestones Timeline
| Date | Milestone |
|---|---|
| April 2018 | RBI circular banning banking services to crypto entities |
| March 2020 | Supreme Court strikes down RBI circular in IAMAI v. RBI |
| 1 April 2022 | 30% VDA tax (Section 115BBH) takes effect |
| 1 July 2022 | 1% TDS on VDA transfers (Section 194S) takes effect |
| 7 March 2023 | PMLA amendment brings VDA service providers under FIU-IND |
| October 2025 | FIU-IND issues notices to 25 offshore platforms; blocks non-compliant exchanges |
| October 2025 | Digital rupee Phase 2 (deposit tokenisation) commences |
| 8 January 2026 | FIU-IND updated AML/CFT guidelines with EDD mandate, cyber-security audits, tightened Travel Rule |
| 1 April 2026 | Income Tax Act 2025 takes effect: Section 509 reporting-entity statements + Section 446 penalties (Rs 200/day; Rs 50,000) |
| April 2026 | DEA crypto policy discussion paper reportedly shelved amid RBI opposition |
| 20 May 2026 | Parliamentary Standing Committee on Finance holds 7th VDA hearing (ZebPay, Binance, WazirX, IFSCA, ministries) |
| 31 March 2026 | Digital rupee in circulation falls ~24% YoY to INR 771.7 crore (RBI Annual Report 2025-26, published 29 May 2026) |
| 2026 (expected) | Revised comprehensive crypto legislation / multi-regulator model (repeatedly deferred) |
Recent Developments
- 29 May 2026 -- Digital rupee circulation contracts ~24% YoY. The RBI Annual Report 2025-26 reported the e-rupee in circulation at INR 771.7 crore as of 31 March 2026, down from INR 1,016.5 crore a year earlier, even as the RBI broadened welfare-linked and cross-border CBDC pilots. Business Upturn
- 20 May 2026 -- Parliamentary Standing Committee on Finance, 7th VDA hearing. The committee (chair Bhartruhari Mahtab) summoned ZebPay, Binance, WazirX, IFSCA and finance/revenue/corporate-affairs officials; flagged large capital outflows via offshore VDA trading and heard industry demands for tax rationalisation. No legislation announced; committee remains in study phase. CryptoTimes
- April 2026 -- e-rupee welfare and BRICS cross-border push. RBI running ~10 welfare-subsidy pilots and advancing a proposal to link CBDCs across BRICS at the 2026 summit; digital-asset cooperation pact signed with MAS (Singapore); ~10 million e-rupee users. CoinDesk (24 April 2026)
- April 2026 -- DEA crypto discussion paper reportedly shelved. India's long-promised crypto policy discussion paper was reportedly shelved again amid RBI opposition, the latest in a string of deferrals. CryptoTimes (1 April 2026)
- 1 April 2026 -- Income Tax Act 2025 in force. New Section 509 obliges prescribed reporting entities to furnish crypto-asset transaction statements; Section 446 imposes Rs 200/day (non-furnishing) and Rs 50,000 (inaccurate/uncorrected info or due-diligence failure) penalties. TaxGuru
- May 2026 -- India digital-assets round-up. Law-firm round-up summarising the revised FIU-IND registration regime, tightening tax reporting/enforcement, and the RBI's evolving stance on stablecoins. Cyril Amarchand FIG Paper No. 57
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Verification Notes
- 30% VDA tax (Section 115BBH) and 1% TDS (Section 194S) confirmed via CoinDCX tax guide, ClearTax, and Cryptact.
- No loss offset rule confirmed via CoinDCX and Cryptact.
- Supreme Court ruling in IAMAI v. RBI (2020) confirmed via Lexology and Twenty Essex.
- FIU-IND 25 offshore platform notices confirmed via PIB official press release and Charltonsquantum.
- 49 registered exchanges (45 domestic + 4 offshore) confirmed via Charltonsquantum.
- Digital rupee 16 banks confirmed via CoinDCX CBDC article and Giottus.
- CORRECTION (2026-06-04): The prior version listed digital-rupee users as "Over 5 million (late 2025)" and circulation as "INR 10.16 billion (March 2025) -- up 334% YoY" as the current status. Per the RBI Annual Report 2025-26, e-rupee in circulation fell ~24% to INR 771.7 crore (~INR 7.72 billion) as of 31 March 2026, and user count grew to ~10 million (from ~7 million earlier in 2026). The 10.16-billion figure is now a prior-year (March 2025) high, not current. Corrected the lead paragraph, Section 7 status table, the UPI scale-gap line, and the regional comparison table. Sources: Business Upturn (RBI AR 2025-26), CoinDesk (24 April 2026).
- UPDATE (2026-06-04): The "Income Tax (No. 2) Bill 2025" reference was updated to the enacted Income Tax Act 2025 (Presidential assent; effective 1 April 2026), adding Section 509 reporting obligation and Section 446 penalties. Confirmed via TaxGuru.
- UPI 20 billion+ monthly transactions (~USD 300 billion/month) confirmed via CoinDesk and Whalesbook.
- No comprehensive crypto legislation enacted as of June 2026; DEA discussion paper reportedly shelved April 2026, confirmed via CryptoTimes, SCC Online and LeadIndia.
- May 2026 Parliamentary Standing Committee on Finance VDA hearing (20 May 2026) confirmed via CryptoTimes and Cyril Amarchand FIG Paper No. 57.
- PMLA amendment date (7 March 2023) confirmed via CoinDCX.
- FIU-IND AML/CFT Guidelines dated 8 January 2026 -- primary PDF located at fiuindia.gov.in (not re-fetched in full; date confirmed via Zigram summary).
- NOT VERIFIED: FIU-IND registration capital, fee, timeline and client-asset safeguarding dimensions (no public regulator data -- this is an AML registration, not a prudential/payment license). ~INR 2.8 billion FY 2024-25 penalty figure is media/industry-reported (MEXC/Blockonomi) and not yet confirmed against the FIU-IND annual report text. The "Asset Tokenisation (Regulation) Bill, 2026" (Rajya Sabha) is reported but NOT verified against the official bill text.