Parliamentary Panel Prepares Report on Cryptocurrency Regulation

A parliamentary panel in India is preparing to submit its report on Virtual Digital Assets (VDAs), a legal term for cryptocurrencies and non-fungible tokens (NFTs). The committee, headed by BJP MP Bhartruhari Mahtab, has been examining various aspects of VDAs for over a year and held more than half a dozen meetings.

The panel is likely to recommend to the government how to monitor cryptocurrency transactions and what to do legally with such digital assets. It may also suggest that the government bring in the latest technology for stricter monitoring of all digital assets.

India does not currently recognize crypto as an asset, and the government has issued no direction to regulate them in the country. The Ministry of Finance recently informed the public that crypto products and NFTs are unregulated and can be highly risky, with no regulatory recourse for any loss from such transactions.