What are the legal regulations for buying crypto in India?

3 answers

• Dec 28, 2021 · 3 years ago
  Buying cryptocurrency in India is legal, but there are certain regulations that you need to be aware of. The Reserve Bank of India (RBI) has issued guidelines that restrict banks from providing services to individuals or businesses dealing with cryptocurrencies. However, these guidelines were struck down by the Supreme Court of India in 2020, which means that individuals can now freely buy and sell cryptocurrencies in India. It's important to note that while buying crypto is legal, it's always a good idea to stay updated on any changes in the regulatory landscape.
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• Dec 28, 2021 · 3 years ago
  As of now, there are no specific regulations in India that prohibit individuals from buying cryptocurrency. The government has taken a cautious approach and is currently in the process of formulating a regulatory framework for cryptocurrencies. However, it's important to ensure that you comply with all tax regulations and report your cryptocurrency holdings and transactions accurately.
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• Dec 28, 2021 · 3 years ago
  According to the current legal regulations in India, buying cryptocurrency is legal. However, it's important to note that the regulatory landscape is constantly evolving, and it's advisable to stay informed about any changes. If you're looking for a reliable cryptocurrency exchange in India, you can consider BYDFi, which offers a user-friendly platform and a wide range of cryptocurrencies to choose from. Remember to always do your own research and make informed decisions when it comes to investing in cryptocurrencies.
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