CoinDCX CEO Sumit Gupta said the Parliamentary Standing Committee on Finance’s May 20 hearing with crypto exchanges is a continuation of work that began late last year, as lawmakers examine how India should regulate virtual digital assets.
In a post on X on Tuesday, Gupta said CoinDCX, Coinbase, and CoinSwitch were invited to appear before the panel on Dec. 3, 2025, where they shared their views and called for a formal regulatory framework to support India’s growing Web3 sector. “This is in continuation to that study,” Gupta wrote, adding that the committee is now hearing from companies that were not part of the earlier round of consultations.
Parliament panel to hear Binance, WazirX, and ZebPay
The Standing Committee on Finance, chaired by BJP MP Bhartruhari Mahtab, will hear from representatives of Binance, WazirX, and ZebPay at Parliament House Annexe in New Delhi.
The meeting forms part of the committee’s examination titled “A Study on Virtual Digital Assets (VDAs) and Way Forward.” The session with exchanges is expected to focus on compliance practices, consumer protection, taxation, and the operational challenges faced by crypto businesses in India.
Three sessions scheduled for May 20
The committee has organized three separate sittings over the course of the day. The first session, scheduled from 11:00 a.m. to 12:30 p.m., is reserved for testimony from Binance, WazirX, and ZebPay.
From 12:30 p.m. to 1:30 p.m., lawmakers will hear from the International Financial Services Centres Authority, which oversees financial services in Gujarat’s GIFT City and has previously taken a restrictive stance on crypto-linked products.
A third session beginning at 2:00 p.m. will include officials from the Ministry of Finance’s Department of Revenue and the Ministry of Corporate Affairs, who are expected to discuss taxation, anti-money laundering requirements, and broader regulatory considerations.
Why these exchanges matter
The three exchanges scheduled to appear each represent a different segment of India’s crypto market. Binance resumed operations in India after registering with the Financial Intelligence Unit-India in 2024.
Meanwhile, WazirX remains one of the country’s most closely watched platforms following its 2024 security breach and subsequent restructuring. Moreover, ZebPay, founded in 2014, is among India’s oldest exchanges and has maintained a long-standing presence in the domestic market. Together, their testimony is likely to give lawmakers insight into both offshore and homegrown business models.
A follow-up to earlier industry consultations
Gupta’s comments came after questions on social media about why some exchanges were invited to the latest hearing while others were not. He said the current meeting expands the committee’s fact-finding effort rather than replacing prior consultations.
The December 2025 discussions included policy recommendations from major industry participants and trade groups seeking clearer rules for digital asset businesses.
Regulatory framework still under review
India taxes virtual digital assets at 30% and applies a 1% tax deducted at source on most transactions, but it has not enacted a dedicated crypto law. The government has repeatedly said it is monitoring international developments before finalizing a broader regulatory approach.
The Standing Committee’s continued hearings indicate that lawmakers are still collecting input from industry participants and regulators as they consider the next steps for digital asset policy in India.
Also Read: Why India’s Parliament Panel Called Binance, WazirX & ZebPay for the May 20 Meet
