# India: crypto and stablecoin regulation (as of 1 November 2026)

Dated status of India's virtual digital asset and stablecoin position: the FIU-IND anti-money-laundering guidelines for virtual digital asset service providers in effect since 10 March 2023, and the Reserve Bank of India's stated views on stablecoins in its Financial Stability Reports and a Deputy Governor's speech, each line linked to the government source.

Canonical: https://achivx.org/regulation/india/
Updated: 2026-11-01
As of: 2026-11-01

In India, the Financial Intelligence Unit (FIU-IND) issued AML & CFT Guidelines for reporting entities providing services related to virtual digital assets (VDAs), which took effect on 10 March 2023. Under them, all VDA service providers are required to register as reporting entities with FIU-IND, disclose their bank and financial institution accounts, and include originator and beneficiary information on transfers. The Reserve Bank of India (RBI) has set out its views on stablecoins in its Financial Stability Reports of December 2025 and June 2026 and in a Deputy Governor's speech of 12 December 2025. The RBI rows on this page are policy statements, not law. This page gives no legal status for stablecoins in India.

This page states what the government sources say. It is not legal advice.

## Status as of 1 November 2026

| Status | Rule | Since / from | Source |
|---|---|---|---|
| In force | FIU-IND AML & CFT Guidelines for Reporting Entities Providing Services Related to Virtual Digital Assets: "These guidelines shall take effect immediately i.e. from 10th March 2023." In terms of Rule 2(wa) read with Rule 2(sa) of the PMLA, all VDA service providers are required to register as reporting entities with FIU-IND. | 10 March 2023 | [FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf) |
| Statement | RBI Financial Stability Report, December 2025, Special Feature "Financial Stability Implications of Stablecoins": "Currently, risks from stablecoins to macrofinancial stability outweigh their purported benefits." The RBI says it maintains a cautious stance on crypto assets, including stablecoins. | 31 December 2025 | [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1310), [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1313) |
| Statement | RBI Deputy Governor T Rabi Sankar: "For India, the approach to stablecoins must be guided by caution and an appreciation of domestic imperatives." | 12 December 2025 | [RBI](https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1538) |
| Statement | RBI Financial Stability Report, June 2026, Chapter III: stablecoins continued to garner close regulatory attention in view of their growing links with traditional financial markets, payment systems and safe-asset markets. | 30 June 2026 | [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1326) |

## Key rules

- **Registration (FIU-IND guidelines).** In terms of Rule 2(wa) read with Rule 2(sa) of the PMLA, all VDA service providers are required to register as reporting entities with FIU-IND. ([FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf))
- **Bank accounts (FIU-IND guidelines).** As part of registration as a reporting entity, service providers must disclose their account details with banks and financial institutions where they hold accounts for transactions and for holding client money. ([FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf))
- **Travel rule (FIU-IND guidelines).** In terms of Rule 12(1)(a) of the PMLA, service providers should ensure they include required and accurate originator information, and required beneficiary information, on wire transfers and related messages. The guidelines add: "This applied regardless of whether the value of the VDA transfer is denominated in fiat currency or another VDA." ([FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf))
- **Registration notice (FIU-IND).** The FIU-IND homepage carries a notice on the registration of virtual digital asset service providers with FIU-IND as reporting entities. ([FIU-IND](https://fiuindia.gov.in/))
- **RBI stance (view, December 2025).** The RBI maintains a cautious stance on crypto assets, including stablecoins, prioritising sovereign digital infrastructure to safeguard monetary sovereignty amid global shifts and preserve financial stability. ([RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1313))
- **Foreign-currency stablecoins (RBI view, December 2025).** The RBI report states that the rapid growth in foreign-currency-pegged stablecoins can lead to currency substitution and challenge a country's monetary sovereignty, and that this is especially important for emerging economies like India, where capital flow management frameworks play a key role in preserving external sector stability. ([RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1313))
- **Payments (RBI Deputy Governor, view).** In his speech of 12 December 2025, Deputy Governor T Rabi Sankar said that systems such as UPI, RTGS and NEFT provide fast, low-cost and secure payment capabilities, and that this leaves little justification for integrating stablecoins into the financial system ("leaves little justification for their integration into the financial system"). ([RBI](https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1538))
- **International work (RBI view, June 2026).** The June 2026 report says international policy work has increasingly focused on the implications of stablecoins for market functioning, monetary sovereignty, bank funding and cross-border payments. ([RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1326))

## Timeline

| Date | Event | Source |
|---|---|---|
| 10 March 2023 | FIU-IND AML & CFT guidelines for VDA service providers take effect | [FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf) |
| 12 December 2025 | RBI Deputy Governor T Rabi Sankar speech on stablecoins | [RBI](https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1538) |
| 31 December 2025 | RBI Financial Stability Report with a special feature on stablecoins | [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1310) |
| 30 June 2026 | RBI Financial Stability Report, June 2026 | [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1326) |

## Not covered here

No law on stablecoin issuance, reserves, redemption or interest was found in the sources this page uses. The March 2023 Ministry of Finance notification bringing VDA service providers under the PMLA was not read and is cited only through the FIU-IND guidelines. No public list or count of FIU-IND-registered VDA service providers was found on fiuindia.gov.in, and the linked registration notice is an image scan that was not quoted. RBI PDF documents (rbidocs.rbi.org.in) could not be reached; the Financial Stability Report text was read from RBI HTML chapter pages. The Press Information Bureau and Ministry of Finance sites could not be reached, so no Ministry of Finance statement or official discussion paper on crypto assets or stablecoins is quoted. A reported July 2026 RBI recommendation on bank exposure to crypto assets and stablecoins appeared in the press only and was not found in an official RBI document.

## Sources
- https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf
- https://fiuindia.gov.in/
- https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1310
- https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1313
- https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1538
- https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1326