The rapid growth of Cryptocurrencies has sparked the rise of Cryptocurrency Lawyers in India or broadly the Best Blockchain Lawyers in India. Ever since Cryptocurrency gained popularity, the demand for Cryptocurrency Lawyers in India has increased.
Crypto investments have flourished in the Indian market after the Supreme Court Judgement on Cryptocurrency that set aside restrictions imposed by the Reserve Bank of India in March 2020.
India is becoming a hotbed of Crypto scams and frauds thriving on social media apps every day. Now the Crypto Scams and Bitcoin Ponzi Schemes are also mushrooming in India. The fast-growing Cryptocurrency scams are one of the main reasons why the Government of India and the Reserve Bank of India continue to keep issuing warnings about Cryptocurrency investments.
Blockchain Lawyers in India
With the growing popularity of Blockchain Technology in the Indian market, clients are looking for the best Blockchain Lawyers in India. The use of Cryptocurrencies and other digital assets has given rise to complex legal issues relating to Crypto regulatory registrations, compliance, transactions, investment, taxation, anti-money laundering, and regulatory enforcement.
Cryptocurrency Litigation practice is one of the fastest-growing practices areas in the legal industry. Cryptocurrency Litigation Lawyers in India are playing an instrumental role and have the expertise to represent a wide variety of cases related to Crypto scams and frauds. To handle crypto scams and frauds cases, we have best crypto lawyers in India.
Crypto Law in India
Presently, there is no Crypto Law in India. However, the Indian government has amended income tax laws to enable the taxation on Crypto trading. The government of India has delayed the draft of “The Cryptocurrency and Regulation of Official Digital Currency Bill” because of its complexity and impact on broader financial markets.
Role of Cryptocurrency Lawyers in India
The role of a Cryptocurrency Lawyer is very important. In general, Cryptocurrency lawyers in India advise and assist developers, investors, and organizations in navigating the legal complexities of Cryptocurrencies and Blockchain Technology. A Cryptocurrency Lawyer advises on various issues such as Registration Requirements, Money Transmitters, Anti-Money Laundering, Fraud Transactions, Investment, KYC (Know Your Customer) Guidelines, Cryptocurrency laws, and Regulatory Compliance involving Blockchain related business.
The prime role of a Cryptocurrency Lawyer is to represent clients strategically in transactional and litigation matters related to Crypto Exchange, ICO, IEO, Defi Project, Organizers, STO Cryptocurrency dealers, and individual investors.
The services provided by a Cryptocurrency Lawyer in India are:
- A Crypto Lawyer will advise you on incorporating blockchain technology into business models and doing Crypto business in a compliant manner.
- A Crypto Lawyer will assist you with litigation strategies for your company’s Crypto-asset-specific matters.
- A Crypto Lawyer will advise you on the legal aspects of contracts of businesses, employees, customers, founders, and investors.
- A Crypto Lawyer will advise on the due diligence process related to prospective blockchain technology ventures.
- A Crypto Lawyer will advise on the complex legal issues related to SAFTS, Initial Coin Offerings, IEO, Defi Project, STO, Tokenized Asset Offerings, Token Generating Events, and Security Token Offerings.
- A Crypto Lawyer will assist you in implementing local laws and executing government compliances.
- A Crypto Lawyer will assist and advise you on government policies related to Bitcoin, tax, anti-money-laundering strategies, etc.
Cryptocurrency in India is Legal or Not
If you are trading in Crypto, you must be wondering if Cryptocurrency is legal in India or not. Currently, there is no regulation or ban on the use of Cryptocurrencies in India. There has been a wider debate about the legality of Cryptocurrencies in India. Various actions taken by the government show the authorities’ clear intention to give Cryptocurrencies a recognized legal status in India. Even though, there are no specific laws as on date that govern Cryptocurrencies in India.
However, Cryptocurrencies are unregulated in India, but the gains from trading in Crypto and related assets like NFTs (non-fungible tokens) will be taxed at a flat 30% and 1% of tax will be deducted at source (TDS) when you do any such transactions.
Cryptocurrency Supreme Court Judgement India
Supreme Court Judgement on Crypto: In 2018, RBI prohibited banks, Non-Banking Financial Companies (NBFCs), and payment systems from facilitating financial transactions related to Cryptocurrencies. However, this was quashed in a landmark judgment by the Hon’ble Supreme Court of India in March 2020. The SC ruling has paved the way for financial institutions to facilitate trading of cryptocurrencies, creating the ground for several Crypto Market Exchanges in India.
Is Crypto Trading Legal in India?
Currently, there is no ban on Crypto Trading in India. Cryptocurrency trading is legal in India if you are paying Tax and TDS on your Crypto transactions. In a judgment in 2020, the Supreme Court of India ruled that citizens are allowed to buy and sell Cryptocurrencies. There are no laws in India that prohibit or allow Crypto trading. In that sense, Cryptocurrency is like any other asset such as gold, commodities, or real estate. People also trade in gold without the government creating a law for gold trading, so the same is the status of Cryptocurrency at the moment.
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