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ARTICLE · 28 APRIL 2023

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Law Governing Virtual Digital Assets – India Guide, 2022

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The popularity of digital currency and virtual digital assets are on the rise in India.

IndiaTechnology
Rohan George
Rohan George
Sushma Sosha Philip
Sushma Sosha Philip
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Summary

The popularity of digital currency and virtual digital assets are on the rise in India. As per the United Nations Conference on Trade and Development's report in 2022, India ranked 7th on the list of countries ranked as per digital currency adoption with 7.3% of India's population owning digital currency in 2021. However, the regulations in this sector are still in their nascent stages, with no law currently in place, dedicated to regulation of crypto assets in India. This article 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.

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