Indian crypto exchanges are cheering the new tax reporting framework released by the Organization for Economic Co-operation and Development (OECD) amid a sharp decline in trading volumes on crypto markets.
They are also hoping the Crypto-Asset Reporting Framework (CARF) of the OECD will prompt the Indian government to frame its own regulations and lower taxes, helping revive the crypto market.
“So far we don't have any concrete rules in India outside taxes; this will be the first attempt. Once the rules have come in place for OECD…, India will be bound to come up with rules,” said Rajagopal Menon, vice president of crypto exchange WazirX.
The framework ensures "the collection and automatic exchange of information on transactions for relevant crypto" assets. It covers exchanges, brokers, and ATM operators that facilitate exchanges between crypto assets.