The main goal of the database is to equip law enforcement agencies with the tools to track and compile data on illegal cryptocurrency activities.

India is reportedly developing a comprehensive global database of all cryptocurrency exchanges, even those on the dark web, to enhance detection of cryptocurrency-related crimes.

The initiative, expected to be launched by the end of this fiscal year or in March 2024, is a key component of India’s strategy to establish global dominance in cryptocurrency regulation.

The main goal of the database is to equip law enforcement agencies with tools to track and compile data on illegal cryptocurrency activities. The main beneficiaries of this resource will include the Enforcement Directorate (ED), the Indian Income Tax Department, and other international law enforcement entities.

India’s pursuit of a cryptocurrency-related database is in line with the consensus reached by G20 leaders on a global regulatory framework for cryptocurrencies. In August, G20 leaders proposed implementing the Crypto-Assets Reporting Framework (CARF) launched by the Organization for Economic Cooperation and Development (OECD).

CARF is a transparent global tax framework that enables countries to share information on crypto assets.

India is increasingly accepting of cryptocurrency regulations

Meanwhile, India’s position in the cryptocurrency industry has been growing, earning recognition from entities such as Chainaanalysis as a global leader in cryptocurrency adoption. In addition, the country is the second-largest cryptocurrency market by transaction volume.

However, the surge in cryptocurrency adoption has brought with it a rise in related criminal activities. As a result, Indian authorities are stepping up their focus on regulatory measures.

During the G20 summit, Indian Prime Minister Narendra Modi expressed support for the establishment of a global regulatory framework for cryptocurrencies. Similarly, in an effort to combat cryptocurrency-related crime, Indian authorities have launched crypto intelligence and analysis tools. #印度  #加密犯罪