Crypto in India Gets a Shake-Up: Parliament’s Panel Just Changed Everything

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CoinDCX CEO Says May 20 Panel Hearing Builds on India’s Crypto Study

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India’s crypto regulation is nearing a critical juncture as lawmakers gather input from exchanges and authorities.
The Standing Committee on Finance will hear from multiple stakeholders to inform its virtual digital assets study.
Future regulatory frameworks may be shaped by the committee’s examination of compliance and taxation concerns.

Sumit Gupta, CEO of CoinDCX, explained that the recent May 20th meeting between the Parliamentary Standing Committee on Finance and cryptocurrency exchanges is part of an ongoing process that started late last year. Lawmakers are currently working to determine how India should regulate cryptocurrencies and other virtual digital assets.

On Tuesday, Gupta announced on X that representatives from CoinDCX, Coinbase, and CoinSwitch met with the panel on December 3, 2025, to discuss the need for clear rules to help India’s Web3 industry grow. Gupta explained this current review builds on that earlier discussion, and the committee is now gathering input from companies not previously involved.

Several other crypto platforms, like CoinDCX, Coinbase, and Coinswitch, previously met with the Parliamentary Standing Committee on Finance on December 3rd. During that meeting, we discussed the importance of quickly establishing clear regulations to help the web3 industry grow.

— Sumit Gupta (CoinDCX) (@smtgpt) May 19, 2026

Parliament panel to hear Binance, WazirX, and ZebPay

A parliamentary committee focused on finance, led by Bhartruhari Mahtab, will meet with representatives from cryptocurrency exchanges Binance, WazirX, and ZebPay in New Delhi.

This meeting is part of the committee’s review of virtual digital assets – like cryptocurrencies – and what the future holds for them. Discussions with industry representatives will center on how crypto businesses in India follow the rules, protect customers, handle taxes, and overcome difficulties they face in their day-to-day operations.

Three sessions scheduled for May 20

The committee held three meetings today. The first, from 11:00 a.m. to 12:30 p.m., will feature testimony from representatives of Binance, WazirX, and ZebPay.

Between 12:30 and 1:30 p.m., legislators will receive testimony from the International Financial Services Centres Authority. This group regulates financial services in GIFT City, Gujarat, and has historically been cautious about products related to cryptocurrency.

The third meeting, starting at 2:00 p.m., will bring together officials from the Ministry of Finance and the Ministry of Corporate Affairs. They plan to talk about taxes, rules to prevent money laundering, and other important regulations.

Why these exchanges matter

The three cryptocurrency exchanges launching in India each focus on a distinct part of the market. Binance restarted its services in India after completing registration with the Financial Intelligence Unit-India earlier in 2024.

WazirX has been under close scrutiny since a security issue and company changes in 2024. ZebPay, established in 2014, is one of India’s earliest cryptocurrency exchanges and has a well-established history in the country. Their combined input should help legislators understand different types of crypto businesses, both those based in India and abroad.

A follow-up to earlier industry consultations

Gupta addressed concerns raised online about which cryptocurrency exchanges were included in the recent hearing. He explained that this meeting is adding to the committee’s investigation, not substituting previous discussions.

In December 2025, leaders from key companies and industry organizations met to discuss and propose clearer regulations for businesses dealing with digital assets.

Regulatory framework still under review

India currently taxes profits from virtual currencies like crypto at a flat rate of 30% and also deducts 1% tax on most crypto transactions. However, there isn’t a specific law in place just for crypto. The government is keeping an eye on what other countries are doing with crypto regulations before creating its own comprehensive rules.

The ongoing discussions in the Standing Committee show that Indian lawmakers are still gathering feedback from businesses and regulatory bodies as they decide how to move forward with policies for digital assets.

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2026-05-19 20:05