India aims to strengthen crypto crime detection through new database: report

The crypto exchange database is expected to launch by the end of this fiscal year


Mc_Cloud/Shutterstock modified by Blockworks


India is reportedly developing a database that will contain information about global crypto exchanges, including those that operate within the dark web.

The planned database is meant to aid law enforcement agencies, including the income tax department and Central Bureau of Investigation, in gathering crucial information about crypto asset transactions, the Economic Times reported on Tuesday.

The goal, according to the report, is to track potential involvement in criminal and money laundering activities. A senior official from the Financial Intelligence Unit (FIU) told the outlet that the database is expected to be unveiled by the end of the current fiscal year.

G20 members, including India, urged the Organisation for Economic Cooperation and Development (OECD) in April 2021 to develop a framework for an automated information exchange system to combat tax evasion.

Responding to this call, the OECD introduced a new global framework in October, known as the Cryptoasset Reporting Framework (CARF). 

The CARF’s core principle is to automatically share crypto transaction information on an annual basis among taxpayers’ residing jurisdictions, following standardized procedures.

India’s recent initiative to establish a global database aligns with this international effort to closely monitor crypto transactions. The FIU official also mentioned that India aims to extract data about other dark web-based exchanges, according to the Economic Times report. 

Blockworks has reached out for comment to the FIU.

India, once perceived as less receptive to cryptocurrencies, appears to be undergoing a shift in sentiment.

A recent Chainalysis report identified India as a global leader in grassroots crypto adoption and the second-largest crypto market by transaction volume. 

Indian Prime Minister Narendra Modi endorsed the need for an international cryptocurrency regulatory framework during the B20 summit in August.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.


The SEC could allow half a dozen or more such funds to launch at once, Ark Invest CEO says


2023 saw a decline in a16z crypto funding, but the behemoth VC firm teased what it’s excited for next year


“Iran Unchained” launched a new version of its grant platform to make donations to activists easier


The stablecoin marks the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange


Build it and they will come, perhaps, but making crypto easier to use is turning out to be just as important


Amid moves by Itau Unibanco and Nubank, the country could serve as “a proof of concept” for TradFi-crypto integrations, industry research exec says