India initiates a comprehensive global database on cryptocurrency exchanges to combat crypto-related criminal activities, aligning with international regulatory standards.

Strengthening Efforts Against Crypto Crime

The launch of the database is expected by the end of the current financial year, the Business Standard reported. This will enable 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 per a Crypto News report.

India's proposed exchange database includes information on cryptocurrency exchanges operating on the dark web. The Financial Intelligence Unit (FIU) officials have revealed that India is actively seeking cooperation from other nations to acquire additional intelligence on these concealed exchanges. This collaborative approach aims to enhance the effectiveness of efforts against illicit activities.

Addressing Challenges in Curbing Crypto Crimes

Between 2019 and 2021, cryptocurrencies worth approximately Rs 28,000 crore ($3.3 billion) were used in drug-related transactions, as reported by the Financial Intelligence Unit (FIU). India has struggled to curb crypto-related fraud and crimes due to a lack of clear regulations. However, the central government is now changing its tune over crypto regulations.

The Organisation for Economic Co-operation and Development (OECD) recently released its Crypto-Asset Reporting Framework (CARF). This framework primarily focuses on gathering tax-related data on cryptocurrency transactions. India's embrace of international standards signifies its commitment to strengthening crypto regulations and compliance.

Intelligence and Analysis Tool Development

The Home Ministry is concurrently developing a Cryptocurrency Intelligence and Analysis Tool (CIAT). This tool aims to monitor cryptocurrency transactions on the dark web, providing law enforcement agencies with valuable insights.

Beyond aiding law enforcement, the global cryptocurrency exchange database is expected to support a broader spectrum of organizations in their pursuit of cases involving money laundering.

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