India Aligns Tax Reporting Rules with Global Crypto Standard

India's Central Board of Direct Taxes (CBDT) has updated its global tax reporting framework to include crypto-assets, central bank digital currencies (CBDCs), and certain digital money products. This move brings India's reporting standards closer to the OECD's Crypto-Asset Reporting Framework (CARF), aiming to increase transparency in cross-border crypto transactions.

The changes require crypto exchanges to report user transactions, strengthening tax compliance and reducing avenues for tax evasion. The new rules may impact cross-border flows and decentralized finance/decentralized exchange (DeFi/DEX) monitoring.