Crypto exchanges in India to start reporting suspicious transactions
Government intelligent agencies are seeking a new law to list crypto exchanges under the existing crypto regulatory system distinctively. The new law will make it compulsory for the exchanges to share details of suspicious transactions with law enforcement agencies proactively. The goal is to reduce the use of crypto to carry out fraudulent and criminal transactions. The situation was discussed at a conference held by the National Security Strategies, with Home Minister Amit Shah in attendance. A senior government official stated that an investigation revealed that Chinese shell companies that operate digital loan apps in India used the crypto exchanges to withdraw funds from India. The official added that there is no record of the ownership of the cryptocurrency exchanges in India. The existing law allows the authorities to look into the exchanges only after a criminal case is registered. Intel Agencies Seek More Authority The official stated that the police and law enf...