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Q. ICO and token sales

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V Shankar

posted 11 months ago

Q.ICO and token sales
Can I launch an ICO while staying in India?

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Rajender Prasad

Experience: 5 Year(s)

Responded 9 months ago

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A. ) Dear sir, the facts given by you are not clear. However For details, contact some advocate through vidhikarya.com

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ARPIT BATRA

Experience: 11 Year(s)

Responded 10 months ago

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A. ) It's better not to play with the authorities on the same issue.

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Deepak Yashwantrao Bade

Experience: 9 Year(s)

Responded 11 months ago

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A. ) Dear client you can not launch an ICO in india.its illegal in india.you might be face some legal actions

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Abhimanyu Shandilya

Experience: 14 Year(s)

Responded 11 months ago

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A. ) I would beg to differ from my other fellow learned brothers on this point. Going by the current regulations and notifications by the RBI and banking regulators cryptocurrencies are not recognized in India and almost kind of illegal to operate it in India. The Reserve Bank of India had categorically said that no Indian bank should honour and support the transactions related to cryptocurrencies.
Having said that they have not said whether you can do or not and operation of such kind of business has not been given any colour or qualifications of being legal or otherwise. Since there are no proper guidelines and Indian regulators are wary about so it is advised that you weigh all your options before you venture out. This business of cryptocurrency and bitcoin may be declared as illegal in India in future.

Please find the RBI notification on Cryptocurreny dated April 6 2018

RBI/2017-18/154 DBR. No.BP.BC. 104/08.13.102/2017-18 April 6, 2018
All Commercial and Co-operative Banks /Payments Banks/Small Finance Banks /NBFCs / Payment System Providers

Madam / Dear Sir,
Prohibition on dealing in Virtual Currencies (VCs)

Reserve Bank has repeatedly through its public notices on December 24, 2013, February 01, 2017 and December 05, 2017, cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies.
2. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by the
Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against
virtual tokens , accepting the m as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of VCs.
3. Regulated entities which already provide such services shall exit the relationship within three months from the date of this circular.
4. These instructions are issued in exercise of powers conferred by section 35A read with section 36(1)(a)
of Banking Regulation Act, 1949, section 35A read with section 36(1)(a) and section 56 of the Banking Regulation A
ct, 1949, section 45JA and 45L of 2 the Reserve Bank of India Act, 1934 and Section 10(2) read with Section 18 of Payment and Settlement Systems Act , 2007.

Yours faithfully,
(Saurav Sinha)
Chief General Manager -In-Charge

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI15465B741A10B0E45E896C62A9C83AB938F.PDF

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Junaid Ali Khan

Experience: 2 Year(s)

Responded 11 months ago

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A. ) It's not illegal in India and no such guidelines barring trade of coins is in existence.

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VIMAL K MISHRA

Experience: 15 Year(s)

Responded 11 months ago

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A. ) Your question is incomplete, provide full details so that appropriate advice can be given.

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Abhimanyu Shandilya

Experience: 14 Year(s)

Responded 11 months ago

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A. ) I would beg to differ from my other fellow learned brothers on this point. Going by the current regulations and notifications by the RBI and banking regulators cryptocurrencies are not recognized in India and almost kind of illegal to operate it in India. The Reserve Bank of India had categorically said that no Indian bank should honour and support the transactions related to cryptocurrencies.
Having said that they have not said whether you can do or not and operation of such kind of business has not been given any colour or qualifications of being legal or otherwise. Since there are no proper guidelines and Indian regulators are wary about so it is advised that you weigh all your options before you venture out. This business of cryptocurrency and bitcoin may be declared as illegal in India in future.

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 11 months ago

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A. ) By advocate Rameshwor dadhe dear sir it is dependent both person's will. You may do or not

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Johnson Thangiah

Experience: 18 Year(s)

Responded 11 months ago

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A. ) Sir,
You can launch.

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Junaid Ali Khan

Experience: 2 Year(s)

Responded 11 months ago

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A. ) Yes.

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