Cryptocurrency News

Indian Govt. Wants Native Crypto Companies To Disclose Their Holdings.

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  1st 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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