India updates global tax reporting regulations to include crypto assets and CBDCs

Foresight News reported, according to The Economic Times, that the Central Board of Direct Taxes (CBDT) of India has issued revised guidance, updating the implementation rules for FATCA and the Common Reporting Standard (CRS), and including designated crypto assets, central bank digital currency (CBDC), and digital financial products within the reporting scope. Financial institutions (including banks, mutual funds, insurance companies, custodians, and investment entities) must identify reportable accounts, verify tax residency status, and report relevant information as required by the Automatic Exchange of Information (AEOI). High-value accounts with balances exceeding 1 million USD are required to undergo enhanced due diligence.