TaxTMI 
TaxTMI 
Reporting requirements for transaction of crypto-asset under section 509
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.... is identified as having one or more controlling persons that is a reportable person, after application of the due diligence procedures, the name, address, country(s) or territory(s) of residence and TIN(s) of the entity and the name, address, country(s) or territory(s) of residence, TIN(s) and the date and place of birth of each reportable person, as well as, the role(s) by virtue of which each reportable person is a controlling person of the entity; (d) the name, address and Permanent Account Number of the reporting crypto-asset service provider; (e) for each type of relevant crypto-asset with respect to which it has effected relevant transactions during the relevant calendar year,- (i) the full name of the type of relevant crypto-asset; (ii) the aggregate gross amount paid, the aggregate number of units and the number of relevant transactions in respect of acquisitions against fiat currency; (iii) the aggregate gross amount received, the aggregate number of units and the number of relevant transactions in respect of disposals against fiat currency; (iv) the aggregate fair market value, the aggregate number of units and the nu....
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.... obtain and report it under domestic law. (4) The information reported must identify the fiat currency in which each amount is reported. (5) The statement of relevant transactions required to be furnished under sub-section (1) of section 509, shall be furnished by a reporting crypto-asset service provider in respect of each crypto-asset user or controlling person which has been identified, as a reportable user or reportable person, as the case may be. (6) Where, pursuant to the due diligence procedure specified in rule 244, no crypto-asset user or controlling person is identified as a reportable user or reportable person, a nil statement shall be furnished by the reporting crypto-asset service provider. (7) The statement referred to in sub-rules (5) and (6) shall be furnished in Form No. 167 by the 31st of May of the calendar year following the year to which the information relates. (8) (a) For the purposes of sub-clauses (ii) and (iii) of sub-rule (1)(e),- (i) the reporting crypto-asset service providers shall report the amount paid or received by the reportable user net of transaction fees; (ii) the amounts paid or received shall be reported in In....
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....ting crypto-asset service provider shall aggregate, that is, sum up, all transactions attributable to each reporting category; (v) all crypto-asset-to-crypto-asset transactions conducted by the same reporting crypto-asset service provider are subject to reporting under both said sub-clauses; (vi) where a reportable user effects a crypto-asset-to-crypto-asset transaction, although the reporting crypto- asset service provider does not have actual knowledge of the relevant crypto-asset acquired or disposed, such transactions shall be reported upon as transfers sent to or by a reportable user under sub-clauses (vii) and (viii) of sub-rule(1)(e), respectively. (c) For the purposes of sub-clause (vi) of sub-rule (1)(e), - (i) the customer of the merchant for, or on behalf of, whom the reporting crypto-asset service provider is providing a service effecting reportable retail payment transactions shall be treated as the crypto-asset user (subject to the conditions specified in the definition of crypto-asset user), and therefore, as the reportable user, in addition to the merchant; (ii) the aggregate information with respect to reportable retail paymen....
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....; (B) if a book value is not available, a value provided by third-party companies or websites that aggregate current prices of relevant crypto-assets shall be used, if the valuation method used by that third party is reasonably expected to provide a reliable indicator of value; (C) if neither of the methods specified in item (A) and (B) is available, the most recent valuation of the relevant crypto-asset by the reporting crypto-asset service provider shall be used; and (D) if a value can still not be attributed, a reasonable estimate may be applied as a measure of last resort; (iv) with respect to each relevant crypto-asset for which the Reporting crypto-asset service provider has relied on an alternative valuation method outlined in sub-clause (iii), the method shall be indicated in Form No. 167; (v) the information reported shall also identify the fiat currency in which each amount is reported; and (vi) the reporting crypto-asset service provider shall aggregate, that is, sum up, all transactions attributable to each reporting category for each type of relevant crypto-asset. (9) The statement referred to in this rule shall ....