Yes, crypto wallets are legal in India because cryptocurrencies are a regulated asset class in the country.
FIU under Finance Ministry regulates cryptocurrencies in the country and the Income Tax Act Section 115BBH regulates crypto taxation.
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Top Crypto Wallets Available in India
Full Article: Top Crypto Wallets
You can easily download most software wallets like MetaMask, Trust Wallet, Coinbase Wallet, etc., and also purchase top hardware wallets like Ledger and Safepal in India.
Below is a brief guide on top crypto wallets available in India and where.to get them.
- MetaMask: Available on Google Play Store, Chrome Web Store and Apple App Store.
- Trust Wallet: Available on Google Play Store, Chrome Web Store and Apple App Store.
- Ledger Series: Available for purchase at Amazon India and on official ledger site.
- Ellipal Wallet: Available for purchase on Ellipal website which then ships internationally to India.
Which Laws Regulate Crypto in India?
In India, cryptocurrency is basically governed by laws that govern other financial assets.
- Section 115 BBH of the Indian Income Tax Act prescribes a 30% flat tax on crypto gains.
- Section 194S of the same act governs 1% TDS on fiat-crypto conversions.
- The Financial Investigation Unit (FIU) serves as the nodal regulatory body under the Ministry of Finance.
In any of these laws, there is no mention of a ban on crypto wallets. Further, there isn’t any regulation on these wallets either.
Frequently Asked Questions
Is Monero banned in India?
No, despite a ban in Dubai, UAE and several other countries in Asia, there is no legal ban on Monero in India.