Indian government flags crypto system as ‘high risk’ to parliamentary panel
The Indian government has classified the virtual digital assets (VDA) sector as 'high risk' due to concerns over drug trafficking, money laundering, and significant tax compliance gaps. During a parliamentary review, officials highlighted that a large majority of crypto traders failed to report their income, indicating a serious compliance issue. The government is also taking enforcement actions against non-compliant platforms while evaluating its regulatory framework against global standards.
- ▪The VDA sector has been categorized as 'high risk' by the Indian government.
- ▪Only 1.39 lakh out of 6.45 lakh individuals reported their income from crypto transactions in FY23.
- ▪The Financial Intelligence Unit of India has imposed penalties on several offshore platforms for compliance violations.
Opening excerpt (first ~120 words) tap to expand
Indian government flags crypto system as ‘high risk’ to parliamentary panel Intelligence reports citing drug trafficking, money laundering, and massive tax compliance gaps prompted the classification during a finance committee review. Share Add us on Google by Editorial Team May. 24, 2026 window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "01f21ccf-2092-46b1-9ac7-8c44cc782e0f"; sevioads_preferences[0].adType = "native"; sevioads_preferences[0].inventoryId = "c5700508-581b-472c-8fdd-a931cdbfc8e1"; sevioads_preferences[0].accountId = "1e47efc1-ec2d-4fca-a8b9-354e249e5095"; sevioads.push(sevioads_preferences); India’s government just told its own lawmakers what crypto skeptics have been saying for years: the…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Crypto Briefing.
Discussion
0 commentsMore from Crypto Briefing
