crypto companies, crypto exchanges, Crypto regulation, cryptocurrency bill, disclosure requirements, india crypto, indian government, legitimize crypto transactions

The Indian government has introduced new cryptocurrency disclosure rules. Companies dealing in cryptocurrencies will have to disclose their crypto holdings, among other disclosures, as part of their financial statements beginning April 1.

New Crypto Disclosure Requirements

The Indian Ministry of Corporate Affairs (MCA) issued a notification last week mandating companies to disclose crypto trading and investments during the financial year. These disclosures will be required starting on April 1, which is when India’s financial year 2021-22 begins.

Every company which “has traded or invested in cryptocurrency or virtual currency during the financial year†must disclose “profit or loss on transactions involving cryptocurrency or virtual currency,†“amount of currency held as at the reporting date,†and “deposits or advances from any person for the purpose of trading or investing in cryptocurrency or virtual currency.â€

Crypto companies in India welcome the new requirements by the government, believing that it legitimizes cryptocurrency transactions. Monark Modi, founder and CEO of Indian cryptocurrency exchange Bitex, was quoted by local media as saying:

He added: “This is a definite endorsement, and it is good to see that India is not falling behind the global cryptocurrency race. Bringing regulation that provides safety to investors, factors taxation and fosters cryptocurrency as an alternate investment class will be the right step ahead.â€

The Indian government is currently finalizing a cryptocurrency bill that was supposed to be introduced during the Budget session of parliament. However, the session has ended and no crypto bill was introduced.

The finance minister has given some clues about what might be in the crypto bill. She said that the government will not shut off all options and will take a calibrated position regarding crypto legislation. Meanwhile, the central bank, the Reserve Bank of India (RBI), says that it has voiced some major concerns regarding cryptocurrencies to the government. Nonetheless, RBI Governor Shaktikanta Das believes that the government and the central bank are in agreement on cryptocurrency.

Do you think the new crypto disclosure rules are good for the industry? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Goldman Sachs Predicts ‘Big Evolution’ Coming to Cryptocurrency Regulation

Goldman Sachs CEO David Solomon foresees “big evolution†coming to cryptocurrency regulation as demand for bitcoin from clients continues to rise. He says that Goldman will “continue to find ways to serve our clients as we move forward.†Crypto Regulation Will Experience ‘Big Evolution,’ Says Goldman Sachs’ Chief David Solomon, the CEO of global investment […]

Xem chi tiết: Goldman Sachs Predicts ‘Big Evolution’ Coming to Cryptocurrency Regulation

HSBC Changes Crypto Policy, Now Bars Clients From Buying Stock of Companies That Hold Bitcoin

HSBC has reportedly changed its policy regarding cryptocurrency. The bank now prohibits customers from buying the stock of public companies that hold bitcoin, like Microstrategy. All of the companies with bitcoin treasuries could be on the chopping block at HSBC. HSBC Now Bars Clients From Buying Crypto and Crypto-Related Stocks Like Microstrategy British bank HSBC […]

Xem chi tiết: HSBC Changes Crypto Policy, Now Bars Clients From Buying Stock of Companies That Hold Bitcoin

US Court Authorizes IRS to Summon Cryptocurrency User Records From Circle and Poloniex

The Internal Revenue Service (IRS) has obtained authorization from a federal court to seek information on cryptocurrency users from Circle and Poloniex exchange platforms. The tax authority wants records identifying crypto users who conducted $20,000 or more in crypto transactions during the years 2016 to 2020 as well as other documents relating to their crypto […]

Xem chi tiết: US Court Authorizes IRS to Summon Cryptocurrency User Records From Circle and Poloniex

Coinbase Opens Office in India Despite Crypto Ban Reports

Cryptocurrency exchange operator Coinbase has announced that it is establishing a business presence in India. The company has also posted several job openings for its Indian operations despite reports that the government may ban cryptocurrencies. Coinbase Sets up Shop in India Coinbase has officially announced its expansion into India. The company said last week: “India […]

Xem chi tiết: Coinbase Opens Office in India Despite Crypto Ban Reports

US Treasury’s Proposed Crypto Wallet Rule Is Unconstitutional, Warns Civil Rights Group

The New Civil Liberties Alliance has objected to FinCEN’s proposed crypto wallet rule, calling it “unlawful.†In addition, the group says that the U.S. Treasury’s “planned ‘crackdown’ on cryptocurrency holders’ private wallets is an unconstitutional power grab.†FinCEN’s Proposed Crypto Wallet Rule Is Unlawful, Says NCLA The New Civil Liberties Alliance (NCLA), a nonpartisan, nonprofit […]

Xem chi tiết: US Treasury’s Proposed Crypto Wallet Rule Is Unconstitutional, Warns Civil Rights Group

Coinbase Opens Office in India Despite Crypto Ban Reports

Cryptocurrency exchange operator Coinbase has announced that it is establishing a business presence in India. The company has also posted several job openings for its Indian operations despite reports that the government may ban cryptocurrencies. Coinbase Sets up Shop in India Coinbase has officially announced its expansion into India. The company said last week: “India […]

Xem chi tiết: Coinbase Opens Office in India Despite Crypto Ban Reports

Indian Government Now Requires Companies to Disclose Cryptocurrency Holdings

The Indian government has introduced new cryptocurrency disclosure rules. Companies dealing in cryptocurrencies will have to disclose their crypto holdings, among other disclosures, as part of their financial statements beginning April 1. New Crypto Disclosure Requirements The Indian Ministry of Corporate Affairs (MCA) issued a notification last week mandating companies to disclose crypto trading and […]

Xem chi tiết: Indian Government Now Requires Companies to Disclose Cryptocurrency Holdings

RBI Governor Says Government and Central Bank Agree on Cryptocurrency Approach

RBI Governor Shaktikanta Das says that there is no difference of opinion between the Reserve Bank of India (RBI) and the finance ministry on cryptocurrencies. While the finance minister said that the government will not shut off all options and will take a calibrated position regarding crypto legislation, the central bank has voiced some “major […]

Xem chi tiết: RBI Governor Says Government and Central Bank Agree on Cryptocurrency Approach

RBI Governor Says Government and Central Bank Agree on Cryptocurrency Approach

Indian Government May Block IP Addresses of Crypto Exchanges

Deutsche Bank: Bitcoin Now 3rd Largest Currency, Too Important to Ignore

Central Bank of Nigeria Official Reiterates Nigerian Residents Free to Trade Cryptos: Directive Only Applies to Banking Sector

Deutsche Bank: Bitcoin Now 3rd Largest Currency, Too Important to Ignore

Central Bank of Nigeria Official Reiterates Nigerian Residents Free to Trade Cryptos: Directive Only Applies to Banking Sector

New Details About India Banning Cryptocurrency Emerge — Crypto Community Sees Mixed Messages

Ripple to Dispose Stake in Moneygram Shortly After Announcing End of a Business Relationship

Other Articles