A crypto license India is instrumental for the regulatory landscape!

A crypto license India is a permit that allows cryptocurrency businesses, such as exchanges, to operate legally in the country. While there are currently no specific licensing requirements for cryptocurrency exchanges in India, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which is still pending, may soon change this. Once the bill is passed, crypto exchanges will likely need to obtain a license from a designated regulator, similar to the Securities and Exchange Board of India (SEBI), to conduct business in India.

To obtain a crypto license India, businesses will likely need to meet certain eligibility criteria, such as minimum net worth and governance guidelines, and comply with know-your-customer (KYC) norms and disclosure requirements. The license will likely require crypto exchanges to disclose information about their profits and losses, cryptocurrency holdings, and client deposits. Additionally, they will need to comply with tax laws, including filing income tax returns and paying withholding tax.

The Indian government has taken steps to regulate cryptocurrency, including proposing taxes on crypto transactions and considering the imposition of goods and services tax (GST) on transaction charges earned by crypto exchanges. The Reserve Bank of India (RBI) has also proposed issuing a central bank digital currency (CBDC) or digital rupee, which will use blockchain technology but be backed by government security.

Website - https://finlaw.in/

Official email ID - admin@finlaw.in

Address - Satra Plaza, Office No. 1007, Palm Beach Road, Sector -19D, Vashi, Navi Mumbai, MH - 400703, India.