India Expands Global Tax Reporting to Crypto and CBDCs

India extends FATCA and CRS scope to crypto assets and CBDCs, imposing stricter due diligence on financial institutions for high-value accounts.

Woofun AI reports that the Indian Central Board of Direct Taxes has revised the global tax reporting framework, extending the scope of the Foreign Account Tax Compliance Act and the Common Reporting Standard to encompass specific crypto assets, central bank digital currencies, and digital currency products. The updated guidelines mandate enhanced due diligence for financial institutions, including banks, mutual funds, insurance companies, and custodians, regarding account identification and tax residency verification. Institutions must also apply stricter scrutiny to high-value accounts with balances exceeding $1 million.