Indian Finance Minister Nirmala Sitharaman suggested that G20 nations should bring crypto under the purview of automatic exchange of information among countries.
The suggestion was made during the G20 Ministerial Symposium on Tax and Development in Bali and is intended to increase transparency.
Sitharaman said that the tax evaders often shift their unaccounted wealth through investment in non-financial assets. She also pointed out that investigations show multiple entities that are often created to evade taxes and conceal unaccounted assets.
She said that the G20 nations thus need to play the role of catalyst in enhancing transparency against crypto’s decentralized nature.
She said, “While the development of crypto asset reporting framework is underway, I call upon the G20 to examine the feasibility of an automatic exchange of information in respect of other non-financial assets beyond those covered under the Common Reporting Standards (CRS) like immovable properties as well.”
The Minister stated that India wishes to gather a global strategy around cryptos for their effective regulation.