FIU To Launch Global Crypto Exchange Database
India is set to launch a global database for crypto exchanges, providing law enforcement agencies with crucial crypto asset information and tracking their usage, according to The Economic Times. The database is expected to be launched by the end of the current financial year.
India is partnering with the OECD to release a Crypto-Asset Reporting Framework (CARF) for tax information on crypto transactions. The exchange will also include information on dark web exchanges, which are often used for trafficking and terror financing. India is seeking assistance from other countries to gather more information on these exchanges, which are often untraced and used for trafficking and terror financing.
The Home Ministry is focusing on developing a Cryptocurrency Intelligence and Analysis Tool (CIAT) to track money laundering cases. The tool is being developed after reports of the use of crypto assets in Manipur violence, where drugs worth Rs 28,000 crore were sold and bought using crypto. The database is expected to assist agencies like the Enforcement Directorate and the Central Bureau of Investigation.
(With inputs from Shikha Singh)
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