India mandates reporting of crypto-assets, CBDCs and electronic money
Change
India mandated from January 1 that crypto-asset service providers, banks and depositories must report transactions and holdings of crypto-assets, central bank digital currencies and electronic money for non‑US accounts and collect valid taxpayer‑identification numbers and dates of birth.
Why it matters
Tax authorities will gain structured visibility into cross‑border digital‑asset positions, making undisclosed holdings harder to keep off tax records. Financial institutions must broaden due‑diligence and account‑monitoring to capture ownership metadata, joint‑account structures and controlling‑person information.
Implications
- • Crypto-asset service providers must file transaction and holding reports for non‑US customer accounts beginning January 1 and obtain valid self‑certifications.
- • Banks and depositories must record and report joint‑account details, controlling‑person identities and equity‑interest data for accounts with year‑end balances above $10,000.
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