India Parliamentary Panel Eyes Crypto Regulation and Monitoring

A parliamentary panel in India is considering recommendations for the government on how to monitor cryptocurrency transactions and regulate digital assets.

The Parliamentary Standing Committee on Finance, led by BJP MP Bhartruhari Mahtab, has been examining Virtual Digital Assets (VDAs) for over a year and has held more than half a dozen meetings.

The panel is currently preparing its report for submission to the Speaker of the Lok Sabha, and may recommend action for monitoring cryptocurrency transactions and wider consultations on what to do legally with all digital assets.

India does not currently recognize crypto as an asset and has issued no direction to regulate them in the country.

The government has stated that any legislation for regulating or banning virtual digital assets can only work with international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.