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ARTICLE · 22 DECEMBER 2025

Crypto Assets: Legal And Regulatory Framework In India And Japan

Fox & Mandal
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This joint paper with Chuo Sogo LPC analyses the regulatory framework of crypto assets in India and Japan. While the Japanese regulatory framework has evolved in a structured manner, the Indian ecosystem has emerged from a patchwork of signals by tax authorities, financial regulators, and the judiciary, creating operational/compliance risk for platforms providing crypto services and exposing users to platform failures and market abuse, underscoring the need to adapt elements from Japan's model...

IndiaTechnology
Arindam Sarkar
Arindam Sarkar
Ashutosh Gupta
Ashutosh Gupta
Anwesha Sinha
Anwesha Sinha
Abhinav Jain
Abhinav Jain
Rangita Chowdhury
Rangita Chowdhury
Katsuya Hongyo (Chuo Sogo)
Katsuya Hongyo (Chuo Sogo)
Hiromasa Ogawa (Chuo Sogo)
Hiromasa Ogawa (Chuo Sogo)
Yui Mimura (Chuo Sogo)
Yui Mimura (Chuo Sogo)
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EXECUTIVE SUMMARY

We are pleased to launch a new Joint Letter prepared by Chuo Sogo LPC, together with Fox & Mandal, one of India's oldest full-service law firms, to provide side-by-side, practice-ready insights on topics drawing attention in both jurisdictions. Our aim is to distil fast-moving developments into concise takeaways that support timely, well-rounded decisions by in-house teams and executives.

This inaugural issue surveys the treatment of crypto-related tokens in Japan and India. For ease of reference, we:

  • Map how tokens are classified under each regime (for example, crypto assets, Electronic Payment Instruments, security tokens, and NFTs)
  • Outline the principal licensing and conduct requirements applicable to issuance, trading/transfer, exchange and custody, as well as marketing and advertising touchpoints

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