India Expands Financial Reporting Rules to Include Crypto

Crypto-assets in India are subject to the country’s financial reporting rules as of Jan. 1, after the government expanded the types of assets subject to the requirements.

The India Central Board of Direct Taxes released a notification March 5 that the definition of “financial assets” subject to its reporting rules has been broadened to include crypto-assets, specified electronic currencies, and central bank digital currencies, or CBDCs.

The board’s income tax amendments also expanded the definition of a “depository account” to include accounts that hold specified electronic money products or CBDCs.

• Financial institutions are also required to maintain and report if ...