Recently, the Indian Parliamentary Standing Committee on Finance examined the nation’s virtual digital asset regulations. The Reserve Bank of India and the Institute of Chartered Accountants of India gave presentations to the committee on Thursday about cryptocurrencies and their future.
Investor protection, taxation, accounting standards, financial stability, and the necessity of precise rules for digital assets were among the primary subjects covered during the conference. After the presentations, committee members met privately to discuss these issues, as Parliament continues to consider new policies for India’s growing crypto sector.
The meeting was held at the Parliament House Annexe in New Delhi and focused on “A Study on Virtual Digital Assets and Way Forward.” The event was divided into three sessions.
During the first session, RBI officials explained the central bank’s views on virtual digital assets. They talked about financial stability, monetary policy, risks of money laundering, investor protection and the importance of having proper regulations. The RBI has often expressed concerns about private cryptocurrencies but supports creating India’s own Central Bank Digital Currency.
In the second session, representatives from the Institute of Chartered Accountants of India discussed how to tax virtual digital assets, manage crypto holdings in accounting, audit practices and what companies and individuals need to disclose when dealing with digital assets. ICAI has been working on guidance for crypto transactions since the 30% tax on VDA gains and the 1% TDS on transfers were introduced in 2022.
After the presentations, the Standing Committee met in private to review the information and discuss possible recommendations for India’s digital asset sector. While these suggestions are not legally binding for the government, they could influence future policy discussions.
The Standing Committee on Finance reviews policies related to the Ministry of Finance, the RBI, financial regulators, banking, taxation and insurance. Its suggestions often help shape future laws and regulations on key financial issues.
India now levies a 1% TDS on transfers and a 30% tax on profits from virtual digital assets. However, there is still no comprehensive legislation addressing cryptocurrency trading, exchanges, investor protection, custody and licensing. The Committee’s review shows Parliament is still gathering expert advice before deciding on the next steps for crypto regulation.
The government is trying to balance the growth of digital assets with financial stability, as shown by the involvement of both the RBI and ICAI. Industry participants want clearer rules that support innovation and protect investors, but the RBI remains cautious about private cryptocurrencies. Although no new policies have been announced yet, the cryptocurrency sector is closely watching the Committee’s discussions.
On the subject ‘A Study on Virtual Digital Assets (VDAs) and Way Forward’, the Standing Committee on Finance, Chaired by Shri Bhartruhari Mahtab, MP, took oral evidence from representatives of the Reserve Bank of India (RBI) and held discussions with representatives of the… pic.twitter.com/mq2xt57Q4U
— LOK SABHA (@LokSabhaSectt) July 2, 2026
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