The Ministry of Finance is in discussions with SEBI and RBI ahead of Union Budget 2026-27 to firm up a regulatory framework for crypto exchanges, with SEBI likely to emerge as the primary regulator while RBI may oversee FDI and cross-border aspects. Under the proposed framework, all Indian crypto exchanges are expected to register with SEBI for tighter supervision of trading platforms, disclosures and investor protection norms. The absence of comprehensive regulation has constrained India's ability to operationalize international commitments like the OECD's Crypto-Asset Reporting Framework, making it difficult to systematically collect and exchange transaction data with partner jurisdictions.