How global crypto exchanges database aims to transform crypto regulation

economictimes.indiatimes.com:

Enforcement Directorate (ED), the income tax department, and the Central Bureau of Investigation (CBI) with vital data on crypto assets.

The objective is to monitor and curb the use of cryptocurrencies in illegal activities like crime and money laundering. The goal is to augment the regulatory framework surrounding the digital asset market, which has often been likened to the Wild West due to its lack of oversight. The envisaged database will serve as a repository of critical information on crypto exchanges, aiding regulators in monitoring and ensuring compliance within the crypto sphere.

The Genesis of the Database
The goal of this ambitious project is to construct a centralized system capable of monitoring various elements of crypto transactions. The database will not limit itself to recording activity within India alone. Instead, it intends to include a raft of information from major international exchanges, such as Binance, Bybit, and Kucoin. By doing so, it will offer governments worldwide a panoramic view into the often opaque world of crypto asset transactions.

Detailed Oversight

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The objective is to keep tabs on everything, from wallet balances and peer-to-peer transactions to the Know Your Customer (KYC) information of involved parties. Even the transaction history and the origin and destination of funds could be meticulously recorded. This granularity will empower governments to exercise a