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Indian Government Says Companies Must Disclose Crypto Holdings
New language is being added to the country's Companies Act of 2013.
Updated Sep 14, 2021, 12:32 p.m. Published Mar 25, 2021, 1:36 p.m.
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The Indian government is amending current legislation to require companies to disclose cryptocurrency holdings in their financial statements.
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- According to an announcement from the Government of India Ministry of Corporate Affairs shared on Wednesday, the new rules will apply to all Indian companies as of April 1.
- The guidance applies to companies that have traded or invested in cryptocurrency and virtual currency during the financial year, requiring them to detail profits or losses on crypto transactions.
- The new language appears on Page 12 of the memo and will be added to the Companies Act of 2013.
- Currently, there is uncertainty over the future of cryptocurrency in India, with its government planning to introduce a bill that could ban it outright.
Read more: Coinbase to Open India Branch Even as Potential Ban on Crypto Looms
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