The Central Board of Direct Taxes (CBDT) released a guidance note detailing crypto-asset reporting obligations for service providers. It seeks to explain the obligations of Reporting Crypto-Asset Service Providers under the framework. The Note describes the scope of the crypto-assets and intermediaries that are covered, the basis on which a service provider is required to report, the identification of reportable persons, the due diligence procedures to be followed, and the requirements and procedure for furnishing the report. It is accompanied by a set of FAQs intended to address the practical questions that crypto-asset service providers are likely to encounter in implementing their obligations.

This release operationalises India’s…