Summary: India’s approach to regulating virtual digital assets (VDA) is evolving from fragmented enforcement towards a structured supervisory framework. This aligns with global trends in the US, UK and EU, of adopting activity-based regimes focused on governance, disclosure, consumer protection and stablecoin oversight. In India, parliamentary consultations, enhanced tax reporting, and increased enforcement actions signal a maturing regulatory outlook. The FIG Paper provides guidance to VDA businesses on navigating India’s current supervisory and enforcement developments whilst preparing for future regulation.