Virtual digital asset definition clarifies inclusions, exclusions and government power to notify and categorise digital assets.

The Virtual Digital Asset is a transferable, storable or tradable digital representation of value (not Indian or foreign currency) including information, code, number, token, non-fungible tokens and crypto-assets relying on cryptographically secured distributed ledgers; the Central Government may specify additional digital assets or exclude assets by notification. Exclusions expressly include redeemable gift cards/vouchers, loyalty or reward points given without direct monetary consideration, subscriptions to platforms, and NFTs that transfer legally enforceable ownership of underlying tangible assets.

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