India Aligns Crypto Reporting With Global Standard

The Central Board of Direct Taxes (CBDT) has introduced new rules for crypto asset reporting in India, requiring exchanges and digital asset intermediaries to collect users' tax residency and taxpayer identification details.

The framework aligns with the OECD's Crypto Asset Reporting Framework, a global information-sharing standard designed to help tax authorities track reportable crypto transactions across jurisdictions.

Reporting entities will need to conduct customer due diligence, determine users' tax residency, collect prescribed identification details, maintain records of reportable transactions, and furnish annual reports to tax authorities.

The new rules represent a shift from India's earlier tax treatment of virtual digital assets toward a more structured information architecture for crypto transactions.