India’s finance minister has called on the G20 countries to bring crypto under the “Automatic Exchange of Information” framework.

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During the G20 Ministerial Symposium on Tax and Development in Bali, India’s finance minister, Nirmala Sitharaman, briefly talked about cryptocurrency.

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Noting that “tax transparency” is an area where “considerable progress has been made with the Automatic Exchange of Information in respect of financial accounts,” she revealed: “Our investigations have shown that numerous layers of entities are often set up by tax evaders to conceal their unaccounted assets.”

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Even though the “Automatic Exchange of Information framework provides for financial account information to various jurisdictions,” the Minister believes “tax evaders, being smart, explore other avenues to shift their unaccounted wealth through investment in non-financial assets.” This area is a point of action for the G20:

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“While the development of the 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 CRS like immovable properties as well.”

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Sitharaman shared that India hopes to gather a global strategy around cryptocurrencies for their effective regulation.

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