India’s finance minister calls on G20 to share information on crypto

Cryptocurrencies need to be brought under the purview of tax information shared by countries, India’s finance minister Nirmala Sitharaman said at a G20 Ministerial Symposium on Tax and Development in Bali.

See related article: India to make life hell for crypto investors: MP

Fast facts

• The G20 should examine the feasibility of exchanging information on non-financial assets not already covered by Common Reporting Standards (CRS), local media said, quoting Sitharaman.
• Alleged tax evaders are using non-financial assets to move wealth, she claimed.
• Most of India’s major crypto traders have either moved overseas or operate through offshore entities following steep taxes imposed by the government.
• India’s investigations into tax evaders showed they used multiple entities to hide assets that were unaccounted for, Sitharaman said.

See related article: Cryptocurrencies a clear danger: India central bank chief