G.S.R. 158(E), dated 05-03-2026
The following are the key amendments that have been introduced in the Rules:
a) The definition of the term “central bank digital currencies” has been inserted in the Explanation to Rule 114F(1)(a).
b) The threshold limit of USD 10,000 has been inserted for the depository account, which represents all specified electronic money products held for the benefit of a customer.
c) The term “financial asset” has been amended to include any interest (including a futures or forward contract or option) in a relevant crypto-asset.
d) The definition of the term “depository institution” has been amended to include an entity that holds specified electronic money products or central bank digital currencies for the benefit of customers.
e) The term “exchange transaction” has been defined to mean any exchange between relevant crypto-assets and fiat currencies and any exchange between one or more forms of relevant crypto-assets.
f) The term “relevant crypto-asset” has been defined to mean any crypto-asset that is not a Central Bank Digital Currency or specified electronic money product or for which the reporting crypto-asset service provider has adequately determined that it cannot be used for payment or investment purposes.
g) The term “Specified Electronic Money Product” has been defined to mean any product that satisfies the following criteria:
1) A digital representation of a single fiat currency;
2) Issued on receipt of funds for making payment transactions.
3) Represented by a claim on the issuer denominated in the same fiat currency;
4) Accepted in payment by a natural or legal person other than the issuer; and
5) Redeemable at any time and at par value for the same fiat currency upon the holder’s request.
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