Regulation of Cryptocurrency Exchanges in India

The judgment of the Supreme Court on March 2020 quashing the Reserve Bank of India’s (RBI) ban relieved many stakeholders in the crypto-ecosystem[1]. One such player was crypto exchanges. Crypto exchanges or digital asset exchanges essentially allow the user to buy or sell crypto assets (popularly known as cryptocurrency[2]) using their fiat money like INR. Currently, there are around 400 known exchanges that globally trade digital assets including cryptocurrencies. Unlike for any bank or financial institution, there are no specific regulations for these exchanges in India.

A well-known crypto exchange provides in its terms and conditions that it is not a financial institution, bank, credit union, trust, hedge fund, broker or investment, or financial advisor, and is not subject to the same laws, regulations, directives, or requirements applicable to such persons. Further, it is merely a technology platform and the user is solely and entirely responsible for the legal, regulatory, and tax compliance of all transactions carried out by the user.

Tatva Legal, Hyderabad has an experienced team of corporate lawyers who, amongst other services, advise on niche areas of law involving crypotocurrency, blockchain technology, AI and machine learning and other such areas involving [TL1] information technology law.

Read More : https://tlegal.com/blog-details/regulation-of-cryptocurrency-exchanges-in-india

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Created on Aug 27th 2021 02:41. Viewed 225 times.

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