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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.
Door Tanzeel Akhtar
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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