The QFCRA also adds that there shall be penalties meted out on any entities that violate the prohibition. However, no specific penalties were announced.
Furthermore, it describes Virtual Asset Services as to any operations that involve some specific activities. These activities include the exchange of virtual assets for fiat currencies and vice versa. It also includes exchanging one type of virtual asset for another, and pretty much any other type of virtual asset transfers.
India is also looking to put a blanket ban on crypto. Reactions to that have been unfavourable.