CRYPTOCURRENCY

March 28, 2021

The corporate affairs ministry has announced companies will have to disclose any holding or dealings in cryptocurrencies or virtual currencies in their financial statements filed with the Registrar of Companies (RoC).

About:

All companies will now have to disclose in their statutory financial filings to the RoC
- any profit or loss on transactions involving cryptocurrency,
- the amount of cryptocurrency held on the reporting date, and
- any deposits or advances received from anyone for the purpose of investing in cryptocurrencies or virtual currencies.
Some experts have said these disclosure requirements indicated the government is open to regulating cryptocurrencies instead of banning them.

Source : Indian Express

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