India's Enforcement Directorate Emerges as De Facto Crypto Regulator

India's Enforcement Directorate (ED) has emerged as the de facto crypto regulator in the country, taking charge of seized assets through raids and FEMA notices. Over seven months, the ED has seized over ₹81,422 crore, with restitution reaching ₹32,678 crore to victims.

The agency's 70th anniversary marked a shift in doctrine, prioritizing crypto fraud alongside terror financing and narcotics trafficking. The ED director declared that virtual digital assets are now a new enforcement frontier.

In January 2026, the ED released figures showing attachments hitting ₹81,422 crore, with cumulative attachments crossing ₹2.36 lakh crore. Arrests fell 27%, with the agency grading itself on the money it returns to victims.