India is introducing new cryptocurrency disclosure rules. Effective today, any company that deals in cryptocurrencies will have to disclose their entire crypto holdings to the government as part of their financial statements.
According to the Ministry of Corporate Affairs (MCA), a state regulatory authority on corporate affairs in India, every company that “has traded or invested in cryptocurrency or virtual currency during the financial year” is now obligated to disclose all cryptocurrency holdings, total profits and losses, and deposits or advances received from anyone trading or investing in cryptocurrencies.
Reports by local media indicate that the latest MCA regulation is being welcomed by cryptocurrency-associated firms in India, as they believe it would legitimize cryptocurrency transactions. Industry insiders also say the new disclosure laws indicate that the government is looking at regulating the industry rather than an outright cryptocurrency ban.
