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Indian Firms Must Disclose Crypto Holdings Says Government

Indian Firms Must Disclose Crypto Holdings Says Government
  • Indian Corporate firms will disclose crypto under Standard SCH III filing.
  • The Government seems to be planning on taxing crypto.
  • These amendments came during a time of FUD in the Indian market about a complete crypto ban.

Reporting with the Ministry of Corporate Affairs under the company’s act 2013, Indian firms will disclose their crypto holdings in their Standard SCH III. In addition, the regulation could impact all the firms that have registered through the company’s Act. It is expected to receive input from the income tax unit.

The Ministry of Corporate Affairs made recent amendments to the Schedule III of the Company’s Act. Moreover, this suggests that India might impose a capital gain tax on crypto holders especially corporate firms.

The amendment making corporate firms disclose their crypto holdings came at a time when there is a lot of FUD in the Indian market about a possible blanket ban. Even more, everyone is still confused about whether India will ban crypto in 2021 or not.

Furthermore, the transaction volume of crypto has increased to over 30% in India. This shows that India favors trading in digital assets. Moreover, all crypto traders, investors, and facilities in the country will face high penalties once the ban takes action.

Recently, India’s Finance Minister Nirmala Sitharaman gave hope to the Indian crypto space. However, she said that India will not ban crypto completely.

In addition, India is almost in the process of completing the approval of the digital currency in the country. Moreover, India considers Bitcoin, Tron, Tether, and Ripple as its most popular cryptos. In fact, if this regulation comes to life, India will be included in the list of crypto-friendly countries.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.