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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
Jurisdiction
IndiaRegulator
Supreme Court of India / Reserve Bank of India
Law Type
Court Decision
Status
In ForceOfficial Law Number
W.P.(C) Nos. 528/2018 & 373/2018
Official Title
Internet and Mobile Association of India v. Reserve Bank of India
Effective Date
March 4, 2020
Publication Date
March 4, 2020
Last Verified
August 26, 2026
RBI, regulated banks and payment entities, crypto exchanges, industry associations, users, litigants and compliance teams.
RBI-regulated entities cannot rely on the struck-down 2018 circular; ordinary KYC, AML/CFT, FEMA and other applicable duties continue. The ruling does not itself legalize every crypto activity or remove tax and criminal-law exposure.
Authorization rule: RBI-regulated entities cannot rely on the struck-down 2018 circular.
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: Supreme Court of India / 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.
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 Current state: No longer valid from 2020-03-04 after Supreme Court judgment
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.
