金融科技法律、监管与税务考量纲要

ResearchFintechLegal, Regulatory and TaxConsiderations – CompendiumApril 2025DMS Code: 113629.1 www.nishithdesai.com © Nishith Desai Associates 2025About NDA’s FinTech PracticeWehavesignificantexperienceinthefinancialservicesovertechnology(FinTech)industrysinceitsbeginninginIndiaandadviseseveralleadingplayersintheindustryaswellasindustryassociations.Wehavedeveloped expertise and carved a niche in this area through comprehensive research, in-depth understandingandmonitoringofthesector.WeweretheleadfirmrepresentingtheInternetandMobileAssociationofIndiainitssuccessfulSupremeCourtchallengetotheReserveBankofIndiarestrictiononvirtualcurrencies,resulting in a first-of-its-kind landmark judgment allowing banks and other regulated entitiesto facilitate trading in cryptoassets, hence opening up the ecosystem in India. We advise regulated entitiesin the FinTech industry such as payment aggregators, prepaid payment instrument issuers, other paymentsystem operators, banking partners, cross-border service facilitators, as well other stakeholder entities suchasmerchants and technology providers on a regular basis. We provide varied services ranging across advisory,disputes and litigation, regulatory and policy initiatives, documentation and transactions assistance. We haveclosely worked with financial regulators such the RBI and SEBI on obtaining regulatory licenses and settingupregulatedbusinessoperations,advisedourclientsonregulatoryissuesandcompliancerequirementsconsideringtheglobaloutlookoftheirbusiness,aswellasguidedthemtostructuretheirbusinessandproduct to the most optimum level while navigating applicable legal compliances effectively. We advise adiverse clientele comprising global MNCs, investment funds, unicorns, startups, intermediaries and serviceproviders with market leading products in industries ranging from the banking, digital media, e-commerceand gaming sectors.Ourexperiencenotonlyhelpsusinexecutingcuttingedgemattersbutalsoassistsinmakingpolicyrecommendations to theGovernment of India. We have been involved with industry representative asso-ciationssuch as the Blockchain Association Singapore (BAS), NASSCOM (National Association for Softwareand Services Companies), DSCI (Data Security Council of India), USIBC (US-India Business Council),IAMAI(InternetandMobileAssociationofIndia)andFICCI(FederationofIndianChambersofCommerce&Industry) amongst others for several years in terms of policy reforms for the IT sector since the early 2000s.We regularly provide feedback on various RBI regulations, provide our recommendations on various draftlaws and consultation papers released by different Government ministries, attend open house discussionsheld by different Government ministries and engaging in dialogue with the regulators seeking clarificationson various grey areas under the law. For instance, we have made representations to the RBI on cyber securityframework in the banking sector, alternative solutions to counter restrictions on card data storage require-ments such as card-on-file tokenization, drafted self-regulatory code of conduct for the blockchain industryassociation and drafted an independent policy paper submitted to the Government of India suggesting waystowards the regulation of crypto-assets in India, which we were invited by the Ministry of Finance to presentin person. www.nishithdesai.com © Nishith Desai Associates 2025www.nishithdesai.comRanked as the ‘Most Innovative Indian Law Firm’ in the prestigious FT Innovative Lawyers Asia PacificAwards for multiple years. Also ranked amongst the ‘Most Innovative Asia Pacific Law Firm’ in theseeliteFinancial Times Innovation rankings. © Nishith Desai Associates 2025DisclaimerThisreportisacopyrightofNishithDesaiAssociates.Noreadershouldactonthebasisofanystatementcontainedherein without seeking professional advice. The authors and the firmexpressly disclaim all andanyliabilitytoanypersonwhohasreadthisreport,orotherwise,inrespectofanything,andofconsequencesof anything done, or omitted to bedone by any such person in reliance upon the contentsof this report.ContactFor any help or assistance please email us onconcierge@nishithdesai.comor visit us atwww.nishithdesai.com.Compiled byPalak Kapoorpalak.kapoor@nishithdesai.comName ————name.————@nishithdesai.com Provided upon request onlyAaron Kamathaaron.kamath@nishithdesai.com © Nishith Desai Associates 2025AcknowledgementsAaron Kamathaaron.kamath@nishithdesai.comArijit Ghosharijit.ghosh@nishithdesai.comGowree Gokhalegowree.gokhale@nishithdesai.comIpsita Agarwallaipsita.agarwalla@nishithdesai.com Alipak Banerjeealipak.banerjee@nishithdesai.comArjun Guptaarjun.gupta@nishithdesai.comHuzefa Tavawallahuzefa.tavawalla@nishithdesai.comMihir Parikhmihir.parikh@nishithdesai.com Provided upon request only Palak Kapoorpalak.kapoor@nishithdesai.comPurushotham Kittanepurushotham.kittane@nishithdesai.comVaibhav Parikhvaibhav.parikh@nishithdesai.com © Nishith Desai Associates 2025Nishith M. Desainishith.desai@nishithdesa