Parliament panel meets Binance, WazirX, ZebPay

India’s Parliamentary Standing Committee on Finance met representatives of Binance, WazirX and ZebPay in New Delhi on May 20 as lawmakers continued a formal review of crypto regulation, taxation and compliance in the country. Moneycontrol reported the meeting on May 20, citing discussions on the “scope of regulations,” the future of the virtual digital assets industry and tax issues. The session adds another round to a parliamentary process that has been running for months rather than a one-off consultation. Moneycontrol said the May 20 meeting followed earlier December 2025 discussions with CoinDCX, Coinbase and CoinSwitch on policy and tax questions tied to virtual digital assets, or VDAs. The backdrop is a market India has taxed heavily without yet putting in place a dedicated, comprehensive crypto law. (moneycontrol.com) Recent reporting by The Economic Times said the government described the VDA sector as “high risk” in a note to the same parliamentary panel, citing illegal activity and tax-compliance concerns. ### Which parliament body met the exchanges, and what was on the agenda? The Parliamentary Standing Committee on Finance was the body that met the three exchanges on May 20 in Delhi. Moneycontrol reported the subject under discussion was the way forward for VDAs, including regulation and taxation. A separate pre-meeting report by Gadgets 360 said the committee’s study covered VDAs and their future in India, and that finance ministry and International Financial Services Centres Authority officials were also part of the broader set of discussions around the session. (economictimes.indiatimes.com) ### Why are Binance, WazirX and ZebPay the companies in this round? (moneycontrol.com) Binance, WazirX and ZebPay were the exchanges named by Moneycontrol as participants in the May 20 hearing. The report did not say why those three were chosen over other firms, but it placed them in a sequence of consultations that previously included CoinDCX, Coinbase and CoinSwitch in December 2025. (gadgets360.com) The Crypto Times, citing the committee schedule before the meeting, said the hearing was part of an ongoing study on VDAs chaired by Bhartruhari Mahtab. That report described the subject line for the session as “A Study on Virtual Digital Assets (VDAs) and Way Forward.” ### What are lawmakers and officials worried about? The Economic Times reported that the government, in a note to the parliamentary panel, flagged the crypto system as “high risk.” The report said intelligence inputs had pointed to illegal activities including drug trafficking and money laundering, while officials also raised tax-compliance problems. (moneycontrol.com) (cryptotimes.io) Moneycontrol reported parliamentary concern over fund outflows and the need for clearer regulation, while also saying the committee was prioritizing consumer protection in future discussions. ### How does taxation fit into this review? India’s crypto policy has centered for years on taxation and reporting rather than a single sector law. (economictimes.indiatimes.com) The Economic Times report said officials were considering tighter oversight tools including linking crypto ownership to PAN and standardizing valuation norms. (moneycontrol.com) Business Standard reported after the February 2026 budget that the government had proposed penalties for failures to furnish required crypto transaction statements and for inaccurate disclosure. That reporting fits the same compliance-heavy direction reflected in the parliamentary discussion. ### What happens next in this parliamentary process? (economictimes.indiatimes.com) Moneycontrol said the finance panel would hold more meetings as part of its VDA study, with consumer protection among the priorities in the next stage. The report did not give a date for the next sitting or say when the committee might publish recommendations. The next concrete step is continued evidence-gathering. (business-standard.com) Gadgets 360 said government officials were part of the broader consultations, and Moneycontrol identified earlier and current exchange participants including CoinDCX, Coinbase, CoinSwitch, Binance, WazirX and ZebPay. (gadgets360.com) (moneycontrol.com)