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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteThere is no single yes-or-no rule for every tokenised asset in India. The legal position depends on the rights a token represents, the underlying asset, how it is offered or transferred, and what the issuer and intermediaries do. Tax classification, anti-money-laundering duties, securities rules and property-transfer requirements are separate questions—not a universal licence for a token or platform.
Start with the rights behind the token
Tokenisation is a way to represent or record something digitally; the label does not determine its legal status. First establish what the holder can enforce: ownership of an asset, shares or debt, a contractual or beneficial interest, a collectible, or only an entry on a platform’s ledger. Then identify the issuer, any custodian, the transfer process and the remedy available if the issuer, platform or custodian fails.
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Two tokens that look alike technically may represent very different legal interests. Conversely, putting an existing security or other asset on a blockchain does not, by itself, remove the rules that apply to that asset or transaction.
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Section 2(47A) of India’s Income-tax Act defines “virtual digital asset” (VDA) to include specified information, code, numbers or tokens that represent value and can be transferred, stored or traded electronically. The definition also covers NFTs or similar tokens and other assets notified by the Central Government. The Income-tax Department’s official text, accessed on 7 October 2026, includes a crypto-asset clause added by the Finance Act 2025 and effective from 1 April 2026.
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This is a tax-law classification. It does not, on its own, establish that an asset or offer complies with securities law, that a token transfers ownership of property, that a cross-border transaction is permitted, or that an issuer or platform has regulatory approval.
When FIU-IND and PMLA obligations can apply
Under FIU-IND’s guidance dated 4 July 2023, specified VDA services performed for another person in the course of business fall within the Prevention of Money Laundering Act (PMLA) framework. The listed activities include:
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- Exchanging a VDA for fiat currency, or one VDA for another.
- Transferring a VDA.
- Safekeeping or administering a VDA, or instruments enabling control over it.
- Providing certain financial services connected with an issuer’s offer and sale of a VDA.
A Ministry of Finance statement published through the Press Information Bureau on 9 September 2026 says that VDA service providers operating in India, whether onshore or offshore, must register with FIU-IND as reporting entities if they carry out the specified activities, and must meet PMLA requirements including reporting and record keeping.
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Registration is not product approval
FIU-IND registration concerns covered service providers’ anti-money-laundering and reporting obligations. It is not a SEBI endorsement, a safety guarantee, or a comprehensive investor-protection licence for every product a provider offers. FIU-IND lists later revisions to its VDA registration circular, so anyone assessing a provider’s present compliance should check the latest applicable circular rather than rely solely on the 2023 guidance.
When securities rules may matter
If a token represents shares, debt, units or another investment interest, assess the legal rights and structure to determine whether securities regulation applies. Existing rules for issuance, listing and market infrastructure do not cease to matter simply because a record or transfer uses blockchain technology.
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SEBI’s Issue and Listing of Non-Convertible Securities Regulations, 2021 page identifies an amendment dated 18 September 2024. Its Depositories and Participants Regulations, 2018 page identifies an amendment dated 30 April 2025; SEBI has also published a 2025 consultation document discussing dematerialisation requirements for certain private companies. These materials illustrate the existing regulatory context, but do not establish a universal, dedicated SEBI approval route for every form of tokenisation.
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Not necessarily. A real-estate token might purport to represent direct ownership of land, shares in a company that owns property, a contractual or beneficial interest, or merely a platform entry. Those structures are not interchangeable, and the token’s wording alone cannot settle what rights a holder can enforce.
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The available official materials do not establish that minting or transferring a token, by itself, validly transfers legal title to Indian land. The underlying conveyance, supporting documents and applicable state registration requirements need separate consideration. A buyer should have the specific structure reviewed by Indian counsel before treating a token as ownership of property.
Apply the same analysis to other underlying assets
For a token linked to gold, bonds, receivables, carbon credits or collectibles, identify what the holder is entitled to receive or enforce and who controls the underlying asset. Check the issuer, any custodian, transfer restrictions, venue and each intermediary’s activities. The word “tokenised” does not itself establish that the asset is backed, that the holder has a direct claim to it, or that a particular product is permitted.
Cross-border transactions need their own analysis
A token’s VDA tax classification or a provider’s FIU-IND registration does not resolve whether a particular offshore issuance, purchase by an Indian resident, foreign investment arrangement or cross-border transfer is permitted. The answer may depend on the parties, the underlying asset, the rights granted, the flow of funds and the transaction structure. FEMA, foreign-investment and securities requirements may need to be considered for the specific transaction.
What to check before relying on a token
- Holder’s right: Read the governing documents and determine whether the token creates an enforceable claim, and against whom.
- Underlying asset: Establish what the token is said to represent and whether that asset is actually held, issued or controlled as described.
- Issuer and intermediaries: Identify who issues the token, holds any underlying asset, operates the platform and handles transfers.
- Applicable regime: Consider the asset and activity separately under tax, PMLA, securities, property and, where relevant, foreign-exchange rules.
- Failure and transfer risks: Check transfer limits and what recourse exists if the token, platform, issuer or custodian fails.
Because these questions turn on the documents and transaction structure, this overview is not a legal opinion on any particular token or offer. Obtain transaction-specific advice from an Indian lawyer before relying on a token to establish ownership or investment rights.
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