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The objective is to monitor and curb the use of cryptocurrencies in illegal activities like crime and money laundering. The goal is to augment the regulatory framework surrounding the digital asset market, which has often been likened to the Wild West due to its lack of oversight.
On Tuesday, they set out for public consultation how the holdings should be disclosed to investors.
Global banking regulators on Tuesday proposed a standardised format for major banks to disclose their holdings of cryptoassets from January 2025.
In an effort to combat crimes and money laundering activities, India is preparing to launch a global database of crypto exchanges.
India is working on creating a global database of cryptocurrency exchanges, including those on the dark web, in order to aid law enforcement agencies in tracking crypto assets used in crime and money laundering. The database is expected to be available to enforcement agencies by the end of the fiscal year.