India is reportedly developing a comprehensive global database encompassing all crypto exchanges, even those on the dark web, to bolster the detection of cryptocurrency-related crimes.
This initiative is slated to launch by the end of this fiscal year or in March 2024. It forms a crucial part of India’s strategy to establish itself as a dominant player in global cryptocurrency regulation.
The primary objective of this database is to equip law enforcement agencies with the tools to track and compile data regarding illicit cryptocurrency activities. The main beneficiaries of this resource will include the Enforcement Directorate (ED), India’s Income Tax Department, and other international law enforcement entities.
India’s pursuit of a cryptocurrency-related database aligns with the consensus reached by G20 leaders regarding a worldwide framework for crypto regulation. In August, G20 leaders proposed implementing a Crypto Asset Reporting Framework (CARF) introduced by the Organization for Economic Cooperation and Development (OECD).
CARF is a transparent global tax framework enabling countries to share information about cryptocurrency assets.
India’s growing embrace of crypto regulations
Meanwhile, India has increasingly asserted itself in the cryptocurrency industry, garnering recognition from entities like Chainalysis as a leader in global crypto adoption. Furthermore, the country ranks as the second-largest cryptocurrency market by transaction volume.
However, the surge in crypto adoption has brought an upswing in associated criminal activities. As a result, Indian authorities are intensifying their focus on regulatory measures.
During the G20 summit, Indian Prime Minister Narendra Modi voiced support for creating a global framework for cryptocurrency regulation. Similarly, in their quest to combat cryptocurrency-related crimes, Indian authorities have introduced a Crypto Intelligence and Analysis Tool.
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