Indian government’s cryptocurrency regulations become tighter and tighter. This time, the Ministry of corporate affairs shared a new rule including, companies that have traded or invested in cryptocurrency and digital currency are required to detail financial statements.
In February 2021, the Indian government put a complete ban on using cryptocurrencies and gave a transition period of 6 months to remove their assets on cryptocurrencies for investors of India. However, this doesn’t seem to loosen up. And now, Indian companies must disclose cryptocurrency-based assets and must detail profits or losses.
While other countries moving forward with cryptocurrencies, India put regulations on cryptocurrencies that directly affect the whole cryptocurrency industry as India is the 2nd largest country by popularity.
According to the announcement from the Indian government, the Ministry of corporate affairs shared this rule on 24th March 2021 and will apply to all Indian-based companies as of April 1.
The future of cryptocurrencies is not going well in India. As Blockfinest previously reported, the Indian government could completely ban cryptocurrencies. If that happened, the whole cryptocurrency industry might go upside down.