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