Indian Govt. Wants Native Crypto Companies To Disclose Their Holdings.
2021-03-25 | Selina Mathew
The Indian government is amending present legislation
to require businesses to disclose cryptocurrency holdings in their financial statements.
Within an official
announcement from
the govt of India Ministry of Corporate Affairs shared earlier on Wednesday, the new rules will apply
to all or any Indian firms as of 1
st April.
The guidance applies to businesses that have traded or invested in
crypto-assets and virtual currency within the
fiscal year, requiring them to detail profits or losses on crypto-related transactions.
The new language appears on Page 12 of the memo
and can be added to
the Businesses Act of 2013.
Presently,
there's uncertainty over
the longer term of cryptocurrency in India, with its government
getting to introduce a bill
that would ban it outright.
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