Indian Finance Committee Recommends Introducing Interim Self-Regulatory Organization Mechanism to Regulate Crypto Market

According to FinanceFeeds, India's Parliamentary Standing Committee on Finance has recommended that the government establish a transitional regulatory framework led by recognized self-regulatory organizations to implement transitional regulation on the cryptocurrency and virtual digital asset market, supervised by the Reserve Bank of India or the Securities and Exchange Board of India. The committee pointed out that while existing crypto assets are already taxed and included in anti-money laundering reporting requirements, the industry still lacks a clear statutory regulatory status, and investors face custody, operational, and fraud risks.