Indian authorities have asked cryptocurrency-related companies to disclose their assets. The Ministry of Corporate Affairs has introduced the corresponding amendments to the legislation.<\/p>\n
Under the document, Indian public and private companies must report cryptocurrency transactions, volumes, as well as advances or deposits \u201cfrom any person\u201d.<\/p>\n
The amendments will come into force in early April 2021.<\/p>\n
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.<\/p>\n
According to several media outlets, a ban document<\/a> on cryptocurrency trading was submitted for consideration to the Council of Ministers of India in September 2020.<\/p>\n 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<\/a> to close their positions.<\/p>\n In March, according to one senior official, it was reported that India would consider a bill introducing criminal and administrative<\/a> liability for miners and traders.<\/p>\n As reported by Business Today, authorities are considering the blocking<\/a> of IP addresses of cryptocurrency exchanges and companies linked to digital assets.<\/p>\n ScheduleIIIAmendmentRules_24032021<\/a> by ForkLog<\/a> on Scribd<\/p>\n