A Stride In The Right Direction: Indian Startups On Mandatory Crypto Investments Disclosure For Companies
India, March 26 -- India's Ministry of Corporate Affairs (MCA) now requires companies registered in the country to make disclosures about their investments in cryptocurrencies and other virtual assets, the amount of currency held as at the reporting date, as well as any profit or loss arising from transactions or investments involving cryptocurrencies.
The MCA mandated the disclosures through an amendment in Schedule III of the Companies Act, 2013 that prescribes the format of the balance sheet that must be prepared by almost all companies. The amendment comes just days after finance minister Nirmala Sitharaman assured all crypto stakeholders that in its regulation for the sector, India will not shut all options and will leave a window o...
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