The crypto-transaction monitoring database being created by the Indian authorities should be launched in the first half of 2024. According to the developers, it will help the Enforcement Directorate (ED), the Income Tax Department and the Central Bureau of Investigation of India (CBI), to obtain information about the movement of crypto assets, as well as track their use in criminal activities and money laundering.
Law enforcement officials promise that access to the database will be open to all international supervisory authorities, and its creation is consistent with the strategy for implementing global crypto regulation adopted by the G20 group.
“By the end of this fiscal year, we will have our own comprehensive database of cryptocurrency exchanges operating globally, which will be available to all law enforcement agencies,” said a senior official from the financial intelligence unit.
Earlier, the Ministry of Home Affairs of India announced the creation of its own tool for the analysis of suspicious cryptocurrency transactions (CIAT), allowing to more effectively combat crime in the field of digital assets.
Source: Bits
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