India's parliamentary committee meets July 2 with RBI testimony on crypto regulation. ED raids, ₹2,500 crore transfers, and 119 million users hang in the balance.
Alpha Score of 26 reflects poor overall profile with poor momentum, poor value, weak quality, strong sentiment.
India's Parliamentary Standing Committee on Finance meets July 2 to discuss virtual digital assets. The committee, chaired by BJP MP Bhartruhari Mahtab, has called the Reserve Bank of India and the Institute of Chartered Accountants of India to present on "A Study on Virtual Digital Assets (VDAs) and Way Forward."
The RBI will appear from 11:00 AM to 12:30 PM, followed by ICAI from 12:30 PM to 1:30 PM at Parliament House Annexe in New Delhi. This is the first time the central bank directly presents its views before the committee. Over the past seven sittings, lawmakers heard from Binance, Coinbase, CoinDCX, CoinSwitch, WazirX, the Financial Intelligence Unit, the CBDT, IFSCA and the Ministry of Corporate Affairs.
The RBI has consistently warned about financial stability risks from cryptocurrencies and opposed formal crypto legalization. Committee chairman Mahtab previously said the RBI remains against allowing or regulating crypto activities in India.
The meeting comes weeks after the Enforcement Directorate uncovered alleged unauthorized cross-border crypto transfers worth over ₹2,500 crore. In June, the ED raided Transak, Onramp.money and Onmeta, freezing nearly ₹6 crore in bank accounts under FEMA violations. The case exposed regulatory gaps around cross-border crypto transactions, stablecoins and remittance services – areas under the RBI's jurisdiction.
ICAI's participation matters because lawmakers want clarity on crypto taxation, accounting standards, disclosure norms and audit requirements. During earlier hearings, tax authorities told the panel they identified nearly ₹888.82 crore in undisclosed crypto-related income and issued notices to more than 44,000 taxpayers.
India is also considering a multi-regulator framework. Under the proposal, SEBI would oversee exchanges and token offerings, the RBI would supervise cross-border crypto activities, and the Finance Ministry would handle policy and taxation. No final framework has been approved.
With an estimated 119 million crypto users and India topping the Chainalysis Global Crypto Adoption Index for three consecutive years, the RBI's testimony on July 2 could shape the country's crypto policy for years. Traders watching Indian exchanges should note that any signal of tighter regulation or a ban would hit local volumes and arbitrage spreads. A softer tone, by contrast, would open the door for clearer compliance rules and institutional entry.
The committee is expected to release a report after the hearing. No date has been set for a floor vote on any resulting legislation.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.