India plans to introduce a comprehensive global database of cryptocurrency exchanges to help law enforcement agencies combat cryptocurrency-related crimes. This initiative is part of India's push to meet international regulatory standards for cryptocurrency assets. According to a report in The Economic Times, the launch is expected by the end of the current financial year.
The global database of cryptocurrency exchanges is expected to play a key role in providing critical information on cryptocurrency assets, allowing law enforcement agencies, including the Enforcement Directorate (ED), Income Tax department and the Central Bureau of Investigation (CBI), to better track and monitor their use in criminal activities, such as money laundering.
The Organization for Economic Co-operation and Development (OECD) recently released its Crypto Asset Reporting Framework (CARF), which focuses on collecting tax data on cryptocurrency transactions. The Home Ministry is also developing a Cryptocurrency Intelligence and Analysis Tool (CIAT). The tool is designed to monitor cryptocurrency transactions on the darknet.
Image: The Crypto Update