Deep Tide TechFlow message, on July 24, according to FinanceFeeds, India’s Parliamentary Standing Committee on Finance recommended that the government establish a temporary regulatory framework led by recognized self-regulatory organizations, to implement transitional oversight of the cryptocurrency and virtual digital asset markets, with supervision by the Reserve Bank of India or the Securities and Exchange Board of India. The committee noted that although existing crypto assets have already been taxed and included in anti-money laundering reporting requirements, the industry still lacks a clear statutory regulatory status, leaving investors exposed to custodial, operational, and fraud risks.

The report suggested that self-regulatory organizations be responsible for implementing consumer protection, platform transparency, token disclosure, customer funds segregation, and user complaint mechanisms, to provide a transitional foundation for more complete digital asset legislation that follows.