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The RBI circular barred RBI-regulated entities from dealing in virtual currencies or facilitating related services; the Supreme Court set it aside on proportionality grounds in 2020.
Current state: No longer valid from 2020-03-04 after Supreme Court judgment
Jurisdiction
IndiaRegulator
Reserve Bank of India
Law Type
Guidance
Status
Struck DownOfficial Law Number
RBI/2017-18/154; DBR.No.BP.BC.104/08.13.102/2017-18
Official Title
Prohibition on dealing in Virtual Currencies
Effective Date
April 6, 2018
Publication Date
April 6, 2018
Last Verified
August 26, 2026
Historically banks, payment institutions, NBFCs and other RBI-regulated entities; indirectly exchanges and crypto users needing banking access.
Historical requirement: regulated entities could not deal in or facilitate VCs and had to exit existing relationships within three months. It must not be presented as current law; standard KYC, AML/CFT and FEMA duties remain.
Authorization rule: Historical requirement (no longer valid).
AML/CFT duties are material; consult the instrument and current implementing rules for scope, thresholds and filing mechanics.
No dedicated custody rule is the primary focus of this record.
No dedicated marketing code is the primary focus; ordinary consumer and advertising law may still apply.
Regulator: Reserve Bank of India.
Not a tax code. Tax consequences depend on taxpayer, asset and transaction under the jurisdiction's current tax law.
Notification S.O. 1072(E) under the Prevention of Money-Laundering Act, 2002
India's PMLA Gazette Notification S.O. 1072(E), dated 7 March 2023, brings specified virtual digital asset activities within the Prevention of Money-Laundering Act reporting-entity perimeter for the first time. It triggers FIU-India registration, customer due diligence, recordkeeping and suspicious-transaction reporting for persons carrying on listed VDA exchange, transfer, custody, administration and issuer-related financial services for or on behalf of another person.
India's Supreme Court set aside RBI's 2018 banking restriction because the measure was disproportionate on the record, while recognizing RBI's regulatory authority over virtual-currency risks. Current state: Supreme Court judgment effective 2020-03-04; it set aside the 2018 circular but did not declare crypto legal tender or create a licensing regime
FIU-IND AML & CFT Guidelines for Reporting Entities Providing Services Related to VDAs
Brings specified VDA service providers into an operational AML/KYC and reporting framework.
Income-tax Act sections 115BBH and 194S
Creates the special tax and withholding framework for income and consideration from VDA transfers.
Decision No. E/35/2023 on Virtual Asset Service Provider Registration, Cancellation of Registration and AML/CFT Instructions
Oman's FSA Decision No. E/35/2023 requires registration with the Oman Financial Services Authority (formerly Capital Market Authority) before carrying on covered virtual-asset activities in the Sultanate of Oman. It implements AML/CFT, governance and compliance requirements, and provides registration, cancellation and supervisory procedures. This is a VASP registration/AML regime and should be distinguished from any future full licensing framework.
Resoluções BCB nos. 519, 520 e 521, de 10 de novembro de 2025
Brazil's Central Bank (BCB) Resolutions No. 519, 520 and 521 of 10 November 2025 implement the virtual-asset regulatory framework under the supervision of the Central Bank. Resolution 519 establishes VASP authorisation procedures; Resolution 520 sets activity, governance, controls, security and conduct requirements; Resolution 521 integrates specified virtual-asset operations into Brazil's foreign-exchange and international-capital rules. Commencement is staged during 2026 — verify the effective date for each resolution separately.
