I-T dept amends crypto reporting rules

IN response to global developments on crypto asset reporting framework and updates to Common Reporting Standard (CRS), the government has amended the Income Tax Rules to widen the reporting framework for financial accounts by bringing crypto assets, central bank digital currency (CBDC) and certain electronic money products within its ambit.

- DIPAK MONDAL @ New Delhi

The amendments, notified on March 5, 2026, come into effect from January 1, 2026. The rules introduce the concept of relevant crypto assets, expanding definition of financial assets to include interests linked to crypto assets.