The Ministry of Corporate Affairs has announced new rules under the Companies Act, according to which, all companies that have contacted with cryptocurrencies to disclose their assets. Starting April 1, Indian public and private companies must disclose nature of activity, cryptocurrency transactions, and volumes.
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The companies are also obliged to record audit trails of their accounts. Earlier in March, iHodl reported that the Indian authorities are working on a law aimed at banning cryptocurrencies. The law is expected to become one of the strictest in the world when it comes to regulating cryptocurrencies and will criminalize the holding, issuance, mining, trading and transfer of crypto assets.
The proposed regulation is in line with the agenda announced by the authorities in January, according to which "private virtual currencies," including bitcoin (EXANTE: Bitcoin), should be banned. At the same time, this regulation is expected to lay the legal basis for the issuance of a national digital currency.
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