The Indian government has implemented new crypto regulations which are welcomed by the industry
The Indian Government has announced the introduction of new regulations for the crypto industry. Companies will need to disclose crypto trading and investments during the next financial year which begins on April 1.
The Indian Ministry of Corporate Affairs (MCA) issued a notification regarding these new regulations last week.
Every company that has traded or invested in cryptocurrency during this financial year must from now on disclose:
- Profit or loss on transactions involving crypto or virtual currency
- Amount of currency held as at reporting date
- Deposits or advances from any person for the purpose of trading or investing in crypto
The companies that will be effected by these changes have welcomed the new procedures by the government, as they believe that it will further regulate the industry and give it credibility.
Bitex CEO and founder, Monark Modi, spoke to local Indian media stating that:
“In light of the recent speculation around ban, allowing cryptocurrencies to be a part of accounting practices will definitely put investors at ease as they no longer have to be worried regarding taxation.
This is a definite endorsement, and it is good to see that India is not falling behind the global cryptocurrency race. Bringing regulation that provides safety to investors, factors taxation and fosters cryptocurrency as an alternate investment class will be the right step ahead.”
This is very welcoming news as highlighted by Monark Modi, as there was the expectation that India were going to propose a law banning all types of cryptocurrencies, fining anyone engaging in trade or holding digital assets.
This looks like it is set to change with sophisticated regulations being put into place.
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