wordpress blog stats
Connect with us

Hi, what are you looking for?

Government mandates companies and crypto-exchanges to disclose crypto transactions

The Ministry of Corporate Affairs has amended the Companies Act, 2013 mandating companies to disclose their crypto or virual currency holdings and transactions as part of their annual financial statements for this fiscal. While crypto-currencies are an unregulated industry in India, this move marks the first step towards the government recognising the digital assets as part of law. Companies that have traded or invested in crypto-currencies during the financial year will need to disclose their profits or losses from crypto-currency transactions, the amount of crypto-currencies held at the time of reporting their finances and the quantum of deposits or advances the company receives from any person for the purpose of trading or investing in crypto-currencies. This means that crypto-currency exchanges would need to disclose the total amount of funds their investors have parked with them over the last year. The amendment was made under Schedule III of the Companies Act, under the section mandating specific financial transaction disclosures as part of the Profit and Loss Statement. Companies that receive funds from persons or entities in order to directly or indirectly lend or invest the funds towards persons or entities on behalf of the funding party or companies that provide any guarantee, security or the like on behalf of the funding party are mandated to include these disclosures. In January, the government announced that it would introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will ban “private” crypto-currencies while at the same time providing the Reserve Bank…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ