Prohibition on dealing in virtual currencies bars regulated entities from providing services that facilitate virtual currency transactions. Regulated entities are prohibited from dealing in virtual currencies or providing services that facilitate dealing in or settling virtual currencies, including maintaining related accounts, registering or supporting exchanges, trading, settlement, loans against virtual tokens, accepting virtual currencies as collateral, and transferring funds connected to virtual currency purchases or sales; existing service relationships must be terminated under an exit requirement, and the prohibition is grounded in statutory powers under the Banking Regulation Act, the Reserve Bank of India Act, and the Payment and Settlement Systems Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Prohibition on dealing in virtual currencies bars regulated entities from providing services that facilitate virtual currency transactions.
Regulated entities are prohibited from dealing in virtual currencies or providing services that facilitate dealing in or settling virtual currencies, including maintaining related accounts, registering or supporting exchanges, trading, settlement, loans against virtual tokens, accepting virtual currencies as collateral, and transferring funds connected to virtual currency purchases or sales; existing service relationships must be terminated under an exit requirement, and the prohibition is grounded in statutory powers under the Banking Regulation Act, the Reserve Bank of India Act, and the Payment and Settlement Systems Act.
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