India Wants To Fight Illegal Activities Related To Cryptocurrencies

India plans to detect crypto transactions for illegal activities. (Photo; Doc. TrueBitcoiner)

JAKARTA - India announced its ambitious plans to develop a comprehensive global database that will cover all cryptocurrency exchanges, including those on the dark web. This initiative aims to enhance the ability to detect and combat cryptocurrency-related crimes.

The plan is scheduled to be launched at the end of this fiscal year or in March 2024. This move is considered an important part of India's strategy to establish itself as a major player in regulating cryptocurrencies at the global level.

The database under development will be a very useful tool for law enforcement agencies, such as the Directorate of Law Enforcement (ED), the Indian Income Tax Department, and other international law enforcement entities. With the help of this database, they will be able to track and collect data related to illegal cryptocurrency activity.

India's move is also in line with the agreement reached by G20 leaders on the framework of cryptocurrency regulation around the world. In August, G20 leaders launched the implementation of the Crypto Asset Reporting Framework (CARF) introduced by the Organization for Economic Cooperation and Development (OECD).

For additional information, CARF is a global tax framework that is transparent, allowing countries to share information about cryptocurrency assets.

India Strengthens Its Position In The Crypto Industry

India has increased its presence in the cryptocurrency industry and gained recognition as a leader in the global adoption of cryptocurrencies. In addition, India currently ranks as the world's second-largest cryptocurrency market by transaction volume.

At the same time, the surge in crypto adoption has also led to an increase in criminal activity related to cryptocurrencies. Therefore, Indian authorities have stepped up their efforts to regulate and oversee this sector.

During the G20 Summit, Indian Prime Minister Narendra Modi actively supported efforts to create a global framework for cryptocurrency regulation. In addition, as part of their efforts to fight cryptocurrencies-related crimes, India has introduced Crypto-Owned Analysis and Intelligence Tools.