https://sputniknews.in/20231005/india-creates-global-cryptocurrency-database-that-will-change-regulations-4611774.html
India's Global Cryptocurrency Database to Fight Cybercrime
India's Global Cryptocurrency Database to Fight Cybercrime
Sputnik India
India plans to launch a comprehensive global database of cryptocurrency exchanges to help law enforcement fight crypto-related crimes. 05.10.2023, Sputnik India
2023-10-05T15:39+0530
2023-10-05T15:39+0530
2023-10-10T12:40+0530
world news
science & tech
narendra modi
india
enforcement directorate (ed)
central bureau of investigation (cbi)
cryptocurrency
g-20
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India is preparing to create a comprehensive global database of all cryptocurrency exchanges, including those operating on the darknet, to improve detection of cryptocurrency-related crimes. The initiative will be launched by the end of the current financial year and is expected to be completed by March 2024. It will play a pivotal role in India's broader strategy to assert itself as a key player in global cryptocurrency regulation. Empowering Law Enforcement AgenciesThe importance of the database lies in its ability to provide critical information on cryptocurrency assets, enabling law enforcement agencies such as the Enforcement Directorate (ED), Income Tax Department, and Central Bureau of Investigation (CBI) to strengthen their ability to monitor the use of cryptocurrencies in illicit activities, including money laundering. In particular, the Organization for Economic Cooperation and Development (OECD) has launched the Crypto Asset Reporting Framework (CARF) to collect tax data on cryptocurrency transactions. India's proposed exchange database will include information on cryptocurrency exchanges operating on the darknet. International Cooperation and Darknet InsightsOfficials from India's Financial Intelligence Unit (FIU) are actively seeking cooperation with other nations to gather information on these clandestine exchanges. However, some tax havens have been reluctant to share information. The FIU reported that cryptocurrencies worth approximately Rs 28,000 crore ($3.3 billion) were involved in drug-related transactions between 2019 and 2021. A senior FIU official confirmed that they are on track to launch a comprehensive global cryptocurrency exchange database by the end of this financial year, which will serve as a valuable resource for law enforcement agencies worldwide. India's pursuit of a cryptocurrency database is in line with the consensus among G-20 leaders to create a global regulatory framework for cryptocurrencies. In August, G-20 leaders proposed adopting the OECD's Crypto Asset Reporting Framework (CARF), a transparent global tax regime that facilitates the exchange of information on cryptocurrency assets between nations. India's Cryptocurrency Regulatory AdvancementsIndia has made significant strides in the cryptocurrency industry, gaining recognition as a global leader in cryptocurrency adoption. The country ranks as the second largest cryptocurrency market by transaction volume. However, this surge in cryptocurrency adoption has led to an increase in related criminal activity. In response, Indian authorities are stepping up regulatory efforts. During the G-20 summit, Indian Prime Minister Narendra Modi expressed support for a global regulatory structure for cryptocurrencies. At the same time, Indian authorities launched a crypto intelligence and analytics tool to monitor cryptocurrency transactions on the darknet to combat cryptocurrency-related crime. Clearer Regulations on the HorizonIn addition to supporting law enforcement, India's efforts to regulate cryptocurrencies are expected to benefit various agencies by assisting organizations such as the ED and CBI in investigating money laundering cases.
https://sputniknews.in/20230606/dark-net-drug-dealers-using-crypto-busted-with-largest-lsd-haul-2362172.html
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India's Global Cryptocurrency Database to Fight Cybercrime
15:39 05.10.2023 (Updated: 12:40 10.10.2023) India plans to launch a comprehensive global database of cryptocurrency exchanges to help law enforcement fight crypto-related crimes.
India is preparing to create a comprehensive global database of all cryptocurrency exchanges, including those operating on the darknet, to improve detection of cryptocurrency-related crimes.
The initiative will be launched by the end of the current financial year and is expected to be completed by March 2024. It will play a pivotal role in India's broader strategy to assert itself as a key player in global cryptocurrency regulation.
Empowering Law Enforcement Agencies
The importance of the database lies in its ability to provide critical information on cryptocurrency assets, enabling law enforcement agencies such as
the Enforcement Directorate (ED), Income Tax Department, and Central Bureau of Investigation (CBI) to strengthen their ability to monitor the use of cryptocurrencies in illicit activities, including money laundering.
In particular, the
Organization for Economic Cooperation and Development (OECD) has launched the Crypto Asset Reporting Framework (CARF) to collect tax data on cryptocurrency transactions. India's proposed exchange database will include information on cryptocurrency exchanges operating on the darknet.
International Cooperation and Darknet Insights
Officials from India's Financial Intelligence Unit (FIU) are actively seeking cooperation with other nations to gather information on these clandestine exchanges. However, some tax havens have been reluctant to share information.
The FIU reported that cryptocurrencies worth approximately Rs 28,000 crore ($3.3 billion) were involved in drug-related transactions between 2019 and 2021.
A senior FIU official confirmed that they are on track to launch a comprehensive global cryptocurrency exchange database by the end of this financial year, which will serve as a valuable resource for law enforcement agencies worldwide.
India's pursuit of a cryptocurrency database is in line with the consensus among G-20 leaders to create a global regulatory framework for cryptocurrencies. In August, G-20 leaders proposed adopting the OECD's
Crypto Asset Reporting Framework (CARF), a transparent global tax regime that facilitates the exchange of information on cryptocurrency assets between nations.
India's Cryptocurrency Regulatory Advancements
India has made significant strides in the cryptocurrency industry, gaining recognition as a global leader in cryptocurrency adoption. The country ranks as the second largest cryptocurrency market by transaction volume.
However, this surge in cryptocurrency adoption has led to an increase in related criminal activity. In response, Indian authorities are stepping up regulatory efforts.
During the G-20 summit, Indian Prime Minister
Narendra Modi expressed support for a global regulatory structure for cryptocurrencies.
At the same time, Indian authorities launched a crypto intelligence and analytics tool to monitor cryptocurrency transactions on the darknet to combat cryptocurrency-related crime.
Clearer Regulations on the Horizon
In addition to supporting law enforcement, India's efforts to regulate cryptocurrencies are expected to benefit various agencies by assisting organizations such as the ED and
CBI in investigating money laundering cases.
Clearer regulations are expected to alleviate India's challenges in curbing fraud and cryptocurrency-related crimes, as the central government re-evaluates its stance on cryptocurrency regulation.
