Parliament finance panel to examine stronger crypto monitoring and blockchain capacity

India's finance standing committee, led by BJP member Bhartruhari Mahtab, has convened eight sessions since September to discuss virtual digital assets, including cryptocurrencies and NFTs. In a draft report, members may propose that the government deploy more sophisticated technology to monitor crypto transactions and boost blockchain capabilities for improved oversight. The panel plans to engage industry participants to assess whether the country's existing position on crypto should be maintained or revised.

Data from the FIU shows a rise in KYC-verified accounts with virtual asset service providers, while the total value of holdings has fallen, highlighting the need for better tracing across blockchains. Lawmakers also intend to evaluate the broader policy framework, noting varied international approaches to crypto regulation.