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Member Raghav Chadha of the 'Aam Aadmi' party stated in Parliament that India should regulate virtual digital assets with clear regulations to protect investors from any harm.
Chadha added that the disparity in tax and regulatory treatment drives trading abroad, weakens consumer protection, and hinders local innovation.
Deputy Raghav Chadha, a member of the 'Aam Aadmi' party, addressed the Senate, urging the Indian government to legalize virtual digital assets as an official asset class. He pointed out that the government has already begun taxing digital assets, but has not granted them the necessary legal classification. Chadha explained that the current tax system requires investors to pay 1% as withholding tax and a 30% flat tax on their profits from cryptocurrencies, without any legal status. Chadha stressed the need for the government to move beyond the incomplete system for classifying assets.
The deputy argued that this contradiction undermines investors' confidence in digital assets. Chadha stated that 120 million Indian investors are forced to use external platforms due to ambiguous laws. He added that 180 startups in the field of virtual digital assets have moved their operations to regions abroad that encourage cryptocurrencies. The deputy emphasized that India is losing significant tax revenue under the current regulatory approach.
Offshore trading and regulatory challenges
Chadha pointed out that 73% of the trading volume of cryptocurrencies has left the country and moved abroad by the fiscal year 2025. This trend is expected to continue, and may even worsen, unless the authorities implement clear regulatory guidelines. According to the deputy, the current regulatory environment is fraught with risks and does not encourage investors. He noted that other countries, such as Dubai, Singapore, and Malaysia, have attracted Indian investors due to their clear regulatory mechanisms. These countries have clear legal frameworks that classify crypto asset services.
Chadha explained that the absence of a licensing law in India is a key factor for comprehensive consumer protection and combating money laundering. He stated that the approach of separating crypto assets from digital assets could reduce money laundering risks and enhance compliance. Chadha added that introducing digital assets for trading in the local market would boost them.
The proposed legislative framework
Mr. Chadha also proposed drafting a new law that allows for the licensing of digital asset trading platforms and related service providers. The law should place investor protection at its core and implement strict measures to combat money laundering to ensure compliance with the black market. This law will also contribute to increasing tax revenues in India by between 15,000 and 20,000 crore rupees annually, thanks to the clarity of the legal vision.$USDC
