India requires companies to disclose cryptocurrency assets

Indian authorities have asked cryptocurrency-related companies to disclose their assets. The Ministry of Corporate Affairs has introduced the corresponding amendments to the legislation.

Under the document, Indian public and private companies must report cryptocurrency transactions, volumes, as well as advances or deposits “from any person”.

The amendments will come into force in early April 2021.

In 2019, a government-appointed working group concluded that cryptocurrencies have no intrinsic value. It urged authorities to ban all digital assets except central-bank-issued tokens.

According to several media outlets, a ban document on cryptocurrency trading was submitted for consideration to the Council of Ministers of India in September 2020.

In February 2021, Bloomberg, citing a source in the Finance Ministry, reported that if a ban were introduced, holders would have three to six months to close their positions.

In March, according to one senior official, it was reported that India would consider a bill introducing criminal and administrative liability for miners and traders.

As reported by Business Today, authorities are considering the blocking of IP addresses of cryptocurrency exchanges and companies linked to digital assets.

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