NishithDesai-金融科技-法律_监管和税务考虑——简编（英）-2025.4_108页_5mb

Summary of Legal, Regulatory, and Tax Considerations in FinTech and Blockchain

Digital Payments

• Data Localization and Security: Regulations, such as the RBI's "Storage of Payment System Data," mandate that payment system operators store transaction data within India, with exceptions for certain cross-border transactions. Tokenization is promoted to minimize fraud by replacing sensitive card data. Ambiguities persist regarding token transfer to third parties and permissible data storage.
• Payment Aggregators (PAs): New licensing requirements under the RBI's 2020 guidelines apply to PAs, requiring them to seek authorization for online and offline transactions. The scope expands to include face-to-face payments, affecting fintech models like UPI-based QR codes and cross-border payment facilitators. Compliance includes robust governance, KYC processes, and data security measures.
• Cross-Border Transactions: The PA-CB guidelines enable non-bank entities to facilitate cross-border e-commerce payments, aligning with anti-money laundering (AML) norms under the PMLA. Entities must register with FIU-IND and adhere to KYC standards. Tokenization and escrow accounts are key features, with challenges in settlement timelines and operational complexities.
• Unified Payments Interface (UPI): UPI is expanding globally, with bilateral agreements with countries like Singapore (UPI-PayNow) and UAE. UPI facilitates offline transactions and is integrated into various payment systems, benefiting digital commerce and remittances, though regulatory scrutiny on data storage and cross-border use remains.
• Emerging Payment Models: Regulations address new areas like offline digital payments (up to INR 200 per transaction), e-wallets, and gift cards. The PPI framework liberalizes cash-based loading for certain wallets but mandates detailed KYC and data localization, enhancing consumer protection and fraud prevention.

Blockchain and Digital Assets

• Bitcoin and Cryptocurrencies: India's regulatory stance is cautious, with discussions on taxing crypto-assets under the ITA 1961 at 30%. Recent guidelines classify VASPs as "persons carrying on designated business," imposing AML/KYC obligations similar to financial institutions. Challenges include valuation, GST implications, and spillover effects from potential cryptocurrency bans.
• NFTs: Legal issues include intellectual property rights management, where NFTs can tokenize art, music, or media, requiring rights clearance from creators. NFT marketplaces act as intermediaries, with tax obligations under GST, equalization levy, and withholding tax. Blockchain's security vulnerabilities and privacy concerns, addressed under data protection rules (SPDI 2011), highlight risks in decentralized systems.
• Regulatory Framework: The RBI and MoF have introduced AML and KYC compliance for VASPs, aligning with global trends. India's approach emphasizes regulation over prohibition, aiming to balance innovation with risk mitigation. Legal disputes, like the IAMAI case, affirm constitutional rights for crypto businesses, while ongoing research and policy debates seek global consensus.

For detailed analysis, refer to the full compendium compiled by Nishith Desai Associates.