India expands financial-account reporting to include crypto, CBDCs and e-money
Change
India mandated from January 1 that crypto-asset service providers and specified financial institutions must report transactions and holdings, collect taxpayer-identification numbers and dates of birth, and submit enhanced account and controlling-person details for non‑US accounts exceeding $10,000.
Why it matters
Anonymity for certain digital-asset arrangements will be reduced, raising the compliance burden for existing account relationships. Onboarding and recordkeeping workflows must be upgraded to capture identity and ownership data that were previously outside routine tax reporting.
Implications
- • Crypto-asset service providers must implement systems to capture and file transaction-level and holdings reports to tax authorities.
- • Banks' compliance and onboarding teams must collect valid self-certifications, taxpayer-identification numbers and dates of birth for existing and new accounts covered by the expanded rules.
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