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 <li><strong>India is preparing to launch a global crypto exchanges database, covering both legitimate and dark web operations.</strong></li>
 <li><strong>The database’s primary aim is to empower law enforcement agencies, including the ED, ITD and CBI.</strong></li>
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<p>India is gearing up to launch a global database of cryptocurrency exchanges in an effort to combat crimes and <a href="https://thenewscrypto.com/crypto-news-p2p-scams-put-indian-crypto-investors-at-risk/" target="_blank" rel="noopener noreferrer nofollow">money laundering</a> activities associated with digital assets. This database will not only encompass information about legitimate cryptocurrency exchanges but also include details on exchanges operating in the dark web.</p>
<p>According to a report by The Economic Times, the launch of this groundbreaking database is expected to occur by the end of the current fiscal year, making crucial information on crypto assets readily available to law enforcement agencies.</p>
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  <p lang="en" dir="ltr">India is set to launch a Global Database of <a href="https://twitter.com/hashtag/Cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cryptocurrency</a> Exchanges, including the ones on the Dark Web!<br><br>Know more about how this solidifies <a href="https://twitter.com/hashtag/India?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#India</a>'s Crypto Regulatory Stance<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1ee-1f1f3.png" alt="🇮🇳" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2935.png" alt="⤵" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/yeI7iiNl6Q" rel="noopener noreferrer nofollow">pic.twitter.com/yeI7iiNl6Q</a></p>— TheNewsCrypto (@The_NewsCrypto) <a href="https://twitter.com/The_NewsCrypto/status/1709507326355603779?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 4, 2023</a>
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<h2 class="wp-block-heading" id="h-the-purpose-of-the-crypto-database">The Purpose of the Crypto Database</h2>
<p>The primary objective behind the creation of this database is to aid various law enforcement agencies, such as the Enforcement Directorate (ED), the Income Tax Department, and the Central Bureau of Investigation (CBI), in tracking and monitoring crypto assets’ usage.</p>
<p>Additionally, the Home Ministry is showing a <a href="https://thenewscrypto.com/crypto-news-india-dominates-crypto-adoption-chainalysis/" target="_blank" rel="noopener noreferrer nofollow">strong commitment</a> to this initiative, especially given the connection between cryptocurrency usage and incidents of violence in Manipur. During the period spanning from 2019 to 2021, the Financial Intelligence Unit (FIU) uncovered that illegal drug transactions worth Rs 28,000 crore, equivalent to around 3.36 billion USD, were carried out using cryptocurrencies.&nbsp;</p>
<p>Further, according to the ET report, the Home Ministry is actively in the process of developing a Cryptocurrency Intelligence and Analysis Tool (CIAT) to bolster its expertise in this specific area.</p>
<p>With the impending launch of this global database, India is poised to take a <a href="https://thenewscrypto.com/indian-mp-urges-government-action-to-strengthen-web3-payment-services/" target="_blank" rel="noopener noreferrer nofollow">significant step</a> towards creating a more transparent and secure environment within the cryptocurrency space, ultimately ensuring that these digital assets are not misused for criminal activities or money laundering.&nbsp;</p>
<p>However, Indian cryptocurrency users are encountering difficulties due to a 30% tax rate applied to their cryptocurrency profits and a 1% TDS (Tax Deducted at Source) deduction from their transactions.</p>

India Set to Launch Global Crypto Exchanges Database to Fight Crime

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