Make sharing crypto data less cryptic
GoI is reportedly putting final touches to the reporting mechanism for crypto transactions, and should be ready for cross-border data-sharing by next year. India has been at the forefront of efforts that have shaped up as the crypto asset reporting framework designed to improve international tax transparency. Swelling crypto market capitalisation will provide an avalanche of information to the global anti-tax evasion endeavour. The framework is an information-sharing arrangement among tax authorities expected to provide visibility on assets, intermediaries, users and transactions. Guidelines are designed to replicate the success of information exchange about financial transactions. But unlike the tightly regulated financial market,…
