India is Reportedly developing a comprehensive global database covering all crypto exchanges, even those on the dark web, to strengthen the detection of cryptocurrency-related crimes.
This initiative is expected to launch by the end of this fiscal year or in March 2024. It is a crucial part of India’s strategy to establish itself as a dominant player in global cryptocurrency regulation.
The primary purpose of this database is to equip law enforcement agencies with the tools to track and collect data on illegal cryptocurrency activities. The major beneficiaries of these funds include the Enforcement Directorate (ED), Indian Income Tax Department and other international law enforcement agencies.
India’s push for a cryptocurrency-related database is in line with the consensus reached by G20 leaders on a global framework for crypto regulation. In August, G20 leaders proposed implementing a Crypto Asset Reporting Framework (CARF), introduced by the Organization for Economic Co-operation and Development (OECD).
CARF is a transparent global tax framework that allows countries to share information about cryptocurrency assets.
India’s Growing Embrace of Crypto Regulation
Meanwhile, India has increasingly asserted itself in the cryptocurrency industry, gaining recognition from entities like Chainalysis as a leader in global cryptocurrency adoption. Furthermore, the country is the second largest cryptocurrency market in terms of transaction volume.
However, the increase in cryptocurrency adoption has led to an increase in associated criminal activities. As a result, Indian authorities are intensifying their focus on regulatory measures.
Indian Prime Minister Narendra Modi spoke during the G20 summit support for creating a global framework for cryptocurrency regulation. Likewise, Indian authorities have done so in their quest to combat cryptocurrency-related crimes introduced a crypto intelligence and analysis tool.
The post India will launch a global crypto crime detection database by 2024 first appeared on CryptoSlate.