Cryptocurrency & Blockchain Technology

Best Blockchain & Cryptocurrency Lawyers In India

Ever since the emergence of blockchain technology (a decentralized, distributed ledger that records the provenance of a digital asset), the term ‘Cryptocurrency’ has come forth as a promising future prospect. Cryptocurrency is essentially a digital or virtual currency/asset-based on blockchain technology, that is secured by cryptography, to control the creation of additional coins, and to verify the transfer of coin ownership.

Until early 2023, there was uncertainty regarding operation of a business in this particular sector in India owing to absence of a specific legislation. However, a significant change occurred on March 7, 2023, when the Ministry of Finance issued a notification, classifying VDA service providers (which includes crypto service providers as well) as ‘reporting entities’ under the Prevention of Money Laundering Act, 2002 (PMLA). With this inclusion, all crypto service providers are under an obligation to register their entity with the FIU-Ind and observe compliance with the obligations under the Prevention of Money Laundering Act, 2002 as well as the PML (Maintenance of Records) Rules, 2005. Also, with the introduction (in 2022) of the taxation provisions on gains being made from crypto transactions, there was some level of comfort provided to businesses operating in this sector as regards legitimacy of their business activity.

What is the Role and Function of the FIU-IND

FIU-IND was established by the Government of India on November 18, 2004 and serves as the central agency responsible for handling suspicious financial transactions. Reporting to the Economic Intelligence Council (EIC) headed by the Ministry, FIU-IND plays a crucial role in coordinating and strengthening national and international efforts against money laundering and terrorism financing, thereby ensuring the nation’s economic security.

what will be the Consequences of Non- Compliance?

If a VDA service provider fails to register with FIU-IND as a reporting entity, it will be considered non-compliant with the PMLA. The FIU-Ind can exercise the following set of powers in case of non-compliance:

  • Issuance of a warning
  • Directions to comply with specific instructions
  • Mandating periodic compliance reports
  • Imposition of monetary penalties

In addition to this, the FIU-IND also has the authority to instruct the Ministry of Electronics and Information Technology (MeitY) to block non-compliant entities' URLs and mobile applications. In January 2024, show cause notices were issued to nine offshore VDA service providers for alleged non-compliance with PMLA provisions, PML Rules, and FIU-IND guidelines.

Ahlawat and Associates is one of the leading law firms in India offering legal services in the domain of blockchain (and particularly cryptocurrency). They have gained vast experience in dealing with clients engaged in offering services involving usage of cryptocurrency and other digital assets. Our crypto legal advice is led by highly experienced cryptocurrency lawyers in India who bring in their unique depth of legal expertise to cater for the needs of our clients engaged in providing digital asset and/or cryptocurrency services. Our law firm caters to the needs of our clients from inception to the day-to-day compliances for ensuring successful and swift operations in this promising sector. Ahlawat and Associates has the best Blockchain & Cryptocurrency Lawyers headquartered in Delhi NCR serving clients PAN India including cities such as Bangalore, Mumbai, Chennai, Hyderabad, Chandigarh, Pune, Gurugram, Kolkata. The set of legal services offered by Ahlawat & Associates in the crypto sector includes:

  • Incorporation of the entity in India
  • Corporate Secretarial Compliances
  • Compliance with requirements under the PMLA, PMLR, KYC Directions and the FIU-Ind Directions
  • Compliance with requirements under the IT Act (and the various rules framed thereunder)
  • Compliance with guidelines in respect of advertisements of crypto products/services
  • Compliances with data protection laws in India
  • Trademark protection
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Our Focus Areas

FIU-IND Registration

India has witnessed a gradual and consistent increase in entities offering services in the field of virtual digital assets (VDAs) for some years now

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Experienced Team

A&A is among the top corporate law firms in India. At A&A, we believe that we are as good as our team, Our principle has guided us to ensure that we have the best corporate lawyers in India based at our main offices while the leading corporate lawyers in other parts of the world run our various practices across the nation, thus ensuring optimum management and service of even the most complex transactions. It is due to our standards of professional responsibility when dealing with our clients and various matters, which we stringently abide by that has enabled us to qualify as one of the reputed corporate law firms in India.

Industry Experience

Whilst A&A commercial law services has been able to cater to legal needs pan India as well as globally, its main founding office and headquarters is in Delhi and it is due to this foothold. A&A corporate lawyer in India has played a vital role in providing advice to the government on various legal and policy-related issues and is amongst the few corporate law firms in India to have the experience and optimal understanding of interpretation and drafting of policy matters.

Client-Centric Approach

A&A adopts an approach that demands the highest levels of knowledge, technical skill and service delivery allowing us to provide accurate, reliable, timely, and cost-effective advice while maintaining international standards of excellence and create a bespoke approach for every client and their business. Our commercial law solicitors unique perspective of working on our client’s matters as a critical part of their team allows us to address their problems like our own. We believe that each client comes with different requirements and concerns – and we work tirelessly to achieve their goals and pursue their objectives.

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We make sure that our fee structure and the legal costs involved are very transparent and predictable for our clients. We believe that client relationships are based on trust and a sense of common purpose and we never falter on our promise making us one of the best corporate law firms in India. Our priority has been to deliver the best legal & business solutions and our fee arrangements are tailored to the needs of the client, the client’s goals, and the nature of the matter.

Frequently Asked Questions

  1. How to choose a blockchain law firm?

    New technologies present new challenges and it is important to choose a law firm that understands the frameworks of these emerging technologies and has dealt with clients in a similar space earlier.

  2. What are the laws around cryptocurrency?

    There is still an evident lack of clarity with respect to cryptocurrency regulations in India.

  3. What do cryptocurrency lawyers do?

    Lawyers experienced in cryptocurrency could assist in formulating and adequately structure the organization to ensure the correct and legally compliant structure.

  4. Why choose A&A as your cryptocurrency law firm?

    With significant experience managing cryptocurrency and digital asset clients in India and internationally, A&A has gained adequate experience in addressing the concerns of our clients and providing them with efficient legal recourse and structures which could ensure the smooth functioning of their business operation

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