The government informed Parliament that over 44,000 tax notices have been issued to individuals who traded cryptocurrencies but did not disclose their profits in Income Tax Returns. This figure highlights the vast volume of unreported crypto transactions, with thousands of investors trading digital assets without declaring their gains officially. Advertisement

While India lacks a dedicated law regulating cryptocurrencies, the government acknowledges that crypto assets are inherently borderless and require global cooperation for effective regulation. “Crypto-assets/Virtual Digital Assets (VDAs) remain unregulated in India, and data collection on these assets is limited. Effective regulation depends on strong international collaboration to address risks, benefits, and common standards,” th

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