A “Regulate, Not Ban” Stance on Crypto Newly Emerges from India’s Parliament

• An Indian parliamentary committee has recommended the country regulate cryptocurrency instead of banning it
• The recommendation comes after a report detailed crypto’s role in a $3.8 billion cybercrime wave
• The proposal suggests treating crypto as “digital assets” under the Foreign Exchange Management Act (FEMA)

India’s Parliamentary Standing Committee on Home Affairs has recommended that cryptocurrencies be regulated under a clear legal framework rather than being outlawed. This recommendation comes even as the committee’s own report detailed the alarming role of digital currencies in fraud, money laundering, and organized crime. 

The panel’s 254th report, which focuses on cybercrime, suggests that crypto should be formally recognized as “digital assets” under the Foreign Exchange Management Act (FEMA). This move would subject the entire industry to strict government oversight, including anti-money laundering (AML) and know-your-customer (KYC) norms.

BREAKING: Indian Parliament’s Home Affairs Committee calls for crypto regulation instead of a ban!

In its 254th Report on Cybercrime, it flags serious risks from scams & laundering, but recommends reg…

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