India's Execution Actions on Crypto Assets Under Anti-Money Laundering Law
According to Odaily, the Ministry of Finance of India revealed in a written response to Parliament that the Enforcement Directorate (ED) has confiscated, frozen, or seized assets totaling approximately 41.8989 billion rupees in various crypto-related cases under the anti-money laundering law. The agency arrested 29 individuals and filed 22 charges, with one suspect officially designated as an 'economic fugitive.'
Additionally, the Central Board of Direct Taxes (CBDT) discovered approximately 8.8882 billion rupees in unreported income during searches and seizures related to virtual digital assets (VDA). Notifications were sent to 44,057 taxpayers who did not include information about VDA in their income tax returns. The Ministry of Finance noted that crypto assets remain unregulated in India, and the government is working on empowering to enhance monitoring and investigation of VDA transactions. It emphasized the cross-border nature of crypto assets, stating that any effective regulatory framework requires extensive international collaboration in areas such as risk assessment and classification standards.$RUNE $IN
