India’s Parliamentary Standing Committee on Finance completed its final oral evidence session on Virtual Digital Assets on Wednesday, concluding a study that began in September 2025 without producing a bill or policy announcement. Chairman Bhartruhari Mahtab said the committee is awaiting a written government response before finalizing and submitting its report. He said the continued non-recognition and non-regulation of crypto was creating wider scope for illicit activity and other abuses. The session heard evidence from the Finance Ministry’s Department of Economic Affairs after the committee had consulted the Reserve Bank of India, Central Board of Direct Taxes, Financial Intelligence Unit India, exchanges and other stakeholders. A prior committee recommendation called for examination of a statutory VDA framework and, pending legislation, an interim self-regulatory organization under a designated regulator such as SEBI or the RBI. Wednesday’s proceedings did not change India’s existing framework: VDAs remain neither legal tender nor prohibited, gains are taxed at 30% plus applicable cess, specified transfers carry 1% TDS, and service providers must register with FIU-IND under the Prevention of Money Laundering Act. Mahtab said UPI freezes linked to peer-to-peer crypto sales were not discussed at the sitting but could be taken up by the next Finance Committee, due to be constituted in October. The government’s written response and the committee’s report are the next formal steps.