India Parliament Panel Eyes Stricter Crypto Transaction Monitoring
A parliamentary panel in India may recommend stricter monitoring of cryptocurrency transactions and wider consultations on their legal treatment. The panel, headed by BJP MP Bhartruhari Mahtab, has been examining various aspects of Virtual Digital Assets (VDAs) for over a year.
The Finance Ministry has warned that crypto products are unregulated and can be highly risky, with limited recourse for losses. VDA service providers are covered under the anti-money laundering framework, but the panel's report may suggest greater use of technology to monitor digital asset transactions.
Crypto adoption has been growing in India, but digital assets remain outside a formal regulatory framework. The government has previously told Parliament that any legislation to regulate or ban VDAs would require international collaboration to assess their risks and benefits.