India Planning to Launch Global Database of Crypto Exchanges by Next Year
India is planning to introduce a comprehensive global database of cryptocurrency exchanges to help law enforcement agencies combat crypto-related crimes.
This initiative comes as part of India's push to align itself with international standards for regulating cryptocurrency assets.
As per The Economic Times report, the launch is expected by the end of the current financial year.
The global database of crypto exchanges is anticipated to play a pivotal role in providing crucial information on cryptocurrency assets, enabling law enforcement agencies, including the Enforcement Directorate (ED), the income tax department, and the Central Bureau of Investigation (CBI), to better track and monitor their usage in criminal activities, such as money laundering.
As reported earlier, The Organisation for Economic Co-operation and Development (OECD) recently released its Crypto-Asset Reporting Framework (CARF), which focuses on gathering tax-related data on cryptocurrency transactions.
One notable aspect of India's proposed exchange database is its inclusion of information on cryptocurrency exchanges operating on the dark web.
Officials from the Financial Intelligence Unit (FIU) have revealed that India is actively seeking cooperation from other nations to acquire additional intelligence on these concealed exchanges.
According to the Financial Intelligence Unit (FIU), between 2019 and 2021, cryptocurrencies worth approximately Rs 28,000 crore ($3.3 billion) were used in drug-related transactions.
As reported earlier, the Home Ministry is also developing a Cryptocurrency Intelligence and Analysis Tool (CIAT).
The tool is meant to monitor crypto transactions on the dark web.
Beyond its primary goal of aiding law enforcement, the global
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