India’s Parliamentary Standing Committee on Finance is set to hold a crucial meeting on July 2 to discuss the future of Crypto Regulation in the country. The committee is chaired by BJP MP Bhartruhari Mahtab. It has summoned representatives from the Reserve Bank of India (RBI) and the Institute of Chartered Accountants of India (ICAI) for discussions on “A Study on Virtual Digital Assets (VDAs) and Way Forward.”
According to the official schedule, the RBI will appear before the panel from 11:00 AM to 12:30 PM. Then, ICAI will appear from 12:30 PM to 1:30 PM at Parliament House Annexe in New Delhi.
Why the July 2 Meeting Matters for Crypto India
This marks a major milestone in Parliament’s ongoing review of India’s crypto ecosystem. Over the past seven sittings, lawmakers have already heard from major exchanges and government agencies. These include Binance, Coinbase, CoinDCX, CoinSwitch, WazirX, the Financial Intelligence Unit (FIU-IND), CBDT, IFSCA and the Ministry of Corporate Affairs.
However, this will be the first time the RBI directly presents its views before the committee.
The central bank has consistently maintained a cautious stance on cryptocurrencies, warning about risks to financial stability and opposing formal crypto legalization. Committee chairman Mahtab previously revealed that the RBI remains against allowing or regulating crypto activities in India.
Enforcement Actions Add Urgency
The timing of the meeting comes shortly after the Enforcement Directorate (ED) uncovered alleged unauthorized cross-border crypto transfers worth over ₹2,500 crore.
In June, the ED conducted raids on multiple crypto payment and remittance firms, including Transak, Onramp.money and Onmeta, alleging violations under FEMA regulations. Authorities froze nearly ₹6 crore in bank accounts linked to the investigation.
The case highlighted major regulatory gaps surrounding cross-border crypto transactions, stablecoins, foreign exchange rules and remittance services. These areas largely fall under the RBI’s jurisdiction.
ICAI’s Role and the Bigger Picture
ICAI’s participation is equally significant as lawmakers seek clarity on crypto taxation, accounting standards, disclosure norms and audit requirements for digital assets.
During previous hearings, tax authorities told the panel they had identified nearly ₹888.82 crore in undisclosed crypto-related income. They also issued notices to more than 44,000 taxpayers.
India is also reportedly considering a multi-regulator framework, where SEBI could oversee exchanges and token offerings. The RBI could supervise cross-border crypto activities while the Finance Ministry could handle policy and taxation. However, no final framework has been approved yet.
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 play a decisive role in shaping India’s crypto policy for years to come.
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