WIll Crypto-Asset Reporting Framework bring clarity for investors?
2 years, 2 months ago

WIll Crypto-Asset Reporting Framework bring clarity for investors?

Live Mint  

Transactions in cryptocurrency have increased manifold. The OECD defines crypto assets as a digital representation of value that relies on a cryptographically secured distributed ledger or a similar technology to validate and secure transactions. The framework provides guidance on various aspects of entities and individuals, subject to data reporting responsibility and data collection requirements, types of transactions covered, and relevant information to be reported, etc. It provides a digital representation of the value exchanged with or without consideration, with the promise or representation of having inherent value or functions as a store of value or a unit of account and includes its use in any financial transaction or investment but not limited to investment schemes, and can be transferred, stored or traded electronically, including non-fungible tokens or assets of a similar nature, by whatever name called, and any other digital asset as notified by the central government. This may prompt applying the CARF to investors as well as service providers resident in India and covering a wide range of digital assets.

India Tax Information Crypto Assets Digital Digital Assets Transactions Reporting Oecd Vda Crypto Assets Framework Carf  investors  framework  carf  information  crypto  value  digital  transactions  tax  clarity  financial  cryptoasset  bring  reporting  assets

History of this topic

Govt has no timeline for regulatory guidelines for Virtual Digital Assets
3 weeks, 5 days ago

Govt has no timeline for regulatory guidelines for Virtual Digital Assets

Live Mint  

New Delhi, December 16 : The government on Monday informed Lok Sabha that there is no anticipated timeline for the introduction of comprehensive regulatory guidelines for the Virtual Digital Assets industry in India. The government was asked by two members of Parliament whether it was taking steps to establish a comprehensive regulatory framework for the Virtual Digital Assets industry. The …

What are the FSB’s concerns about crypto asset intermediaries? | Explained
1 year, 1 month ago

What are the FSB’s concerns about crypto asset intermediaries? | Explained

The Hindu  

The story so far: Published earlier this week, the Financial Stability Board ’s latest report on crypto-asset intermediaries sought measures to enhance cross-border cooperation and information sharing among local authorities. U.S. Securities and Exchange Commission Chair Gary Gensler accused Binance and its CEO Changpeng Zhao of an “extensive web of deception, conflict of interest, lack of disclosure, and calculated evasion …

Virtual digital assets: Lessons from global trends in regulation
1 year, 4 months ago

Virtual digital assets: Lessons from global trends in regulation

Live Mint  

Leading international organizations have recently produced policy notes on crypto-assets, also known as virtual digital assets as per the Finance Act of 2022. Given BIS's considerable influence, its observations are expected to significantly impact upcoming G20 discussions on virtual digital assets. BIS has outlined three high-level policy options concerning virtual digital assets in its recent paper: 1) an outright ban, …

Explained | What is the EU’s new crypto-legislation?
1 year, 8 months ago

Explained | What is the EU’s new crypto-legislation?

The Hindu  

The story so far: The European Parliament, the legislative body of the 27-country block European Union, has approved the world’s first set of comprehensive rules to bring largely unregulated cryptocurrency markets under the ambit of regulation by government authorities. As for the assets that will be out of MiCA’s scope, it will not regulate digital assets that would qualify as …

Crypto issue requires immediate attention, says FM Sitharaman
1 year, 8 months ago

Crypto issue requires immediate attention, says FM Sitharaman

The Hindu  

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister Nirmala Sitharaman has said. Ms. Sitharaman was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at …

Understanding the current state of crypto assets in India
1 year, 9 months ago

Understanding the current state of crypto assets in India

Live Mint  

It is a sweeping wave for some and a conundrum for others but crypto is the new buzzword in the world of investment finance. On the whole, the government seems to be accepting crypto and the underlying blockchain technology rather than casting them away as ‘risky’ or even ‘banning’ them. Banking is still not a breeze given RBI’s concerns The …

Belated, but essential: The Hindu Editorial on bringing all trade in virtual digital assets under the PMLA
1 year, 10 months ago

Belated, but essential: The Hindu Editorial on bringing all trade in virtual digital assets under the PMLA

The Hindu  

The Finance Ministry’s March 7 notification placing all transactions involving virtual digital assets under the purview of the Prevention of Money Laundering Act is a much-needed, even if belated, step. The government has been struggling in recent years to formulate an appropriate regulatory response to deal with the pandemic-era upsurge in The intergovernmental Financial Action Task Force — the global …

Centre Applies Norms Of "Reporting Entities" Under Prevention Of Money Laundering Act To Cryptocurrency Exchanges
1 year, 10 months ago

Centre Applies Norms Of "Reporting Entities" Under Prevention Of Money Laundering Act To Cryptocurrency Exchanges

Live Law  

The Ministry of Finance has notified that cryptocurrency exchanges will be “persons carrying on designated businesses or professions” within the meaning of Section 2 of the Prevention of Money Laundering Act. This means that crypto exchanges will come within the definition of "reporting entity" within the meaning of Section 2 of the PMLA. As a consequence, crypto exchanges should follow …

Crypto at G20 Summit: India recommends a joint technical paper by IMF & FSB on regulation
1 year, 10 months ago

Crypto at G20 Summit: India recommends a joint technical paper by IMF & FSB on regulation

India Today  

India has proposed a joint technical paper by the IMF and the FSB for help in the formulation of a coordinated and comprehensive policy approach to crypto assets. Both the above agencies are expected to present their papers in October this year, i.e., during the 4th G20 Finance Ministers and Central Bank Governors Meet, stated the Ministry of Finance, following …

India Asks IMF, FSB To Prepare Technical Paper On Regulating Crypto
1 year, 10 months ago

India Asks IMF, FSB To Prepare Technical Paper On Regulating Crypto

News 18  

India, which is currently holding G20 Presidency, has asked the IMF and Financial Stability Board to jointly prepare a technical paper on crypto assets, which could be used in formulating a coordinated and comprehensive policy to regulate them. In their entirety, the IMF’s discussion paper, the policy seminar and the joint IMF-FSB paper are expected to integrate the policy questions …

Five Ways That Crypto Asset Reporting Framework Can Impact Indian Institutions, Investors
2 years, 1 month ago

Five Ways That Crypto Asset Reporting Framework Can Impact Indian Institutions, Investors

News 18  

India is one of the few early signatories and adopters to the Multilateral Competent Authority Agreement which provides a standardised and efficient mechanism to facilitate automatic exchange of information released by rhw Organization for Economic Co-operation and Development. CARF rules are designed to include the scope of crypto assets to be covered, entities and individuals subject to data collection and …

Crypto Exchanges Now Required To Notify UK Authorities Of Suspected Sanction Breaches
2 years, 4 months ago

Crypto Exchanges Now Required To Notify UK Authorities Of Suspected Sanction Breaches

ABP News  

San Francisco: Crypto exchanges are now required to notify the UK authorities of any suspected sanctions violations under new regulations introduced in response to concerns that bitcoin and other crypto assets are being used to dodge restrictions imposed in reaction to Russia's invasion of Ukraine. ALSO ON ABP LIVE: India Emerging As 'Major NFT Destination': Study Crypto assets could include …

Explained | What are SEBI’s concerns around crypto assets?
2 years, 6 months ago

Explained | What are SEBI’s concerns around crypto assets?

The Hindu  

The story so far: The Securities and Exchange Board of India, the watchdog which regulates the securities and commodities market, has reportedly told the Parliamentary Standing Committee on Finance led by Jayant Sinha that regulation of crypto assets would be difficult given the nature of technology that sustains them. SEBI has essentially flagged the problems with regulating crypto assets because …

A disjointed response: The Hindu Editorial on crypto assets and regulation
2 years, 11 months ago

A disjointed response: The Hindu Editorial on crypto assets and regulation

The Hindu  

One of the most striking moves in the Union Budget’s taxation proposals for 2022-23 is the introduction of a taxation regime for virtual digital assets — evolving manifestations of cryptocurrencies, codes and non-fungible tokens. Finance Minister Nirmala Sitharaman has proposed to tax all profits from transactions in such assets at 30% along with the applicable surcharge and cess, and a …

Budget 2022: Crypto players seek regulatory framework, clarity on taxation
2 years, 11 months ago

Budget 2022: Crypto players seek regulatory framework, clarity on taxation

Firstpost  

Union Budget 2022-23: Crypto-based businesses including exchanges have been self-compliant and adhering to all the relevant laws in the country More than 15 million Indian investors have an exposure to cryptocurrencies today. Here is what we are looking forward to: Tax implications on businesses and investors Crypto-based businesses including exchanges have been self-compliant and adhering to all the relevant laws …

Regulating crypto assets in India
3 years ago

Regulating crypto assets in India

Hindustan Times  

The Indian crypto asset industry has witnessed exponential growth over the last five years and today, the country reportedly has 15 million crypto asset holders that have put in Rs6.6 billion in these crypto asset holdings. This report seeks to bring clarity around crypto assets as a technology and make recommendations for the regulation of the Indian crypto asset market. …

Crypto disclosure norms: Do exchanges need to share investors’ data?
3 years, 9 months ago

Crypto disclosure norms: Do exchanges need to share investors’ data?

Live Mint  

In a significant move, the government recently made it mandatory for Indian companies, unlisted and private, to disclose their dealings in cryptocurrency or virtual currency. While the new rule deals with companies’ own holdings, there is uncertainty over whether crypto exchanges will have to share information on the holdings of their customers as well. There’s no clarification as yet whether …

Govt seeks disclosure of crypto transactions, holdings
3 years, 9 months ago

Govt seeks disclosure of crypto transactions, holdings

Live Mint  

In a first, the ministry of corporate affairs has asked all companies in the country to mandatorily disclose any dealings in cryptocurrency or virtual currency in their balance sheets. This is a major step towards regulating crypto assets in India and is expected to bring in a lot of transparency in reporting or filing of crypto investments. The companies have …

Discover Related