La incertidumbre en materia de regulación de criptomonedas en la India y las dificultades fiscales: Una crisis de aplicación de las leyes en ciernes

India's cryptocurrency market has emerged as a global paradox: a hub of explosive adoption and innovation, yet mired in regulatory ambiguity and enforcement volatility. As the country's digital asset landscape evolves, the interplay of stringent anti-money laundering (AML) measures, punitive tax policies, and a lack of comprehensive legal frameworks is creating a high-risk environment for both domestic and global investors. This analysis unpacks the regulatory and fiscal challenges shaping India's crypto ecosystem and their implications for long-term investment stability.

Regulatory Tightening and Enforcement Surge

India's Financial Intelligence Unit (FIU) has aggressively expanded its oversight of virtual digital assets (VDAs) since 2024, mandating compliance with the Prevention of Money Laundering Act (PMLA) for Virtual Asset Service Providers (VASPs). By early 2026, 49 exchanges-45 domestic and four international-had registered with the FIU, enabling them to operate legally under India's AML regime. Non-compliant platforms faced severe penalties: in 2025, the FIU imposed fines totaling ₹28 crore on exchanges like Bybit, while 25 offshore platforms, including BitMEX and LBank, were blocked from Indian access.

This enforcement-driven approach has reshaped the market, centralizing activity on a smaller set of regulated exchanges. However, the absence of a dedicated regulatory body-such as the Reserve Bank of India (RBI) or Securities and Exchange Board of India (SEBI)-leaves enforcement fragmented and reactive. As noted in a 2025 report, India's regulatory framework remains "compliance-first but clarity-deficient," with VASPs navigating a patchwork of PMLA obligations and uncodified guidelines.

Tax Policies: A Double-Edged Sword

India's 30% flat tax on crypto gains and 1% Tax Deducted at Source (TDS) on transactions above ₹10,000 have fundamentally altered investor behavior. While these measures aim to curb speculative trading, they have inadvertently driven activity to non-compliant platforms. A 2025 analysis by highlights that the TDS has reduced liquidity, prompting traders to shift to offshore exchanges that evade Indian tax reporting requirements.

The tax regime's rigidity also stifles innovation. Unlike jurisdictions adopting progressive frameworks-such as the OECD's Crypto-Asset Reporting Framework (CARF), which India plans to implement from April 2027- India's policies lack incentives for institutional participation or long-term investment. This has created a "regulatory arbitrage" dilemma, where global investors hedge against India's punitive taxes by routing capital through less-regulated markets.

Global Investor Behavior and Market Stability

India's regulatory uncertainty has had a measurable impact on global investor sentiment. A 2026 report by notes that markets with inconsistent crypto regulations, like India, are more prone to volatility and capital flight. For instance, while India's 2.5 crore crypto investors continue to grow in number-driven by Tier-2 and Tier-3 city adoption-foreign institutional investors have shown caution. The lack of a clear legal framework for tokenized assets and decentralized finance (DeFi) projects further exacerbates this hesitancy. According to Global Legal Insights, India's regulatory environment remains fragmented and reactive.

Case studies from 2023–2026 illustrate this tension. When the RBI classified VASPs as PMLA reporting entities in 2023, it triggered a wave of compliance costs for exchanges, with some platforms exiting the market entirely. Meanwhile, India's advocacy for global crypto regulation at the G20 has highlighted its strategic importance, yet domestic policy lags behind international standards. observes, India's "enforcement-first, law-second" approach risks alienating innovators while failing to deter illicit activity.

Future Trajectories and Investment Risks

Looking ahead, India's crypto sector faces a critical juncture. The adoption of the OECD CARF in 2027 may bring transparency, but it will not resolve the absence of a national crypto law. Analysts predict that 2026's Union Budget could introduce reforms to balance regulation with innovation, yet current trends suggest continued enforcement volatility.

For global investors, the risks are twofold:
1. Regulatory Arbitrage: As India's enforcement actions target offshore exchanges, capital may flow to jurisdictions with laxer oversight, undermining long-term market stability.
2. Policy Lag: The gap between India's enforcement efforts and its legislative framework creates uncertainty, deterring institutional participation and stifling ecosystem growth.

Conclusion

India's crypto market is a microcosm of the global struggle to reconcile innovation with regulation. While its enforcement actions have curbed illicit activity, the lack of a cohesive legal and fiscal framework is fostering an environment of risk. For crypto platforms and global investors, the path forward hinges on India's ability to evolve from a compliance-driven model to one that balances enforcement with innovation-friendly policies. Until then, the looming enforcement crisis will remain a persistent headwind for long-term investment.