Crypto-asset reporting penalties tightened for delayed statements, inaccurate information, and due diligence failures under the income-tax law. A new penalty framework is substituted for the existing provision governing statements relating to crypto-asset transactions under the Income-tax Act. Where a person required to furnish such a statement fails to do so within the prescribed time, the prescribed income-tax authority may levy a daily penalty for the period of default. The substituted provision also authorises a separate fixed penalty where the person furnishes inaccurate information and does not correct it as required, or fails to comply with the prescribed due diligence requirement connected with the statement.