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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.
The Indian government is amending current legislation to require companies to disclose cryptocurrency holdings in their financial statements.
STORY CONTINUES BELOW
- 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
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
