The Indian government has yet to reveal its plans to regulate the sale and purchase of cryptocurrencies in the near future, while continuing to tighten regulations on cryptocurrency-related money laundering and terrorism financing. During the August 5 parliamentary session, Pankaj Chaudhary, Minister of State for Finance of India, answered several questions detailing the country's current stance on cryptocurrency regulation. Chaudhary said that India has yet to conduct any studies or surveys to understand the extent of its citizens' adoption of cryptocurrencies. "Cryptoassets or virtual digital assets (VDA) are not regulated in India and the government does not collect data on these assets," he responded. Although India officially implemented a taxation system for cryptocurrency transfers and profits on April 1, 2022, the government has no plans to regulate the buying and selling of cryptocurrencies. According to India's crypto law, citizens are required to pay a 30% tax on unrealized crypto gains and a 1% source withholding tax (TDS).