Global tax surveillance of digital assets is tightening, with India preparing to expand oversight of offshore cryptocurrency holdings. A senior finance ministry official reportedly confirmed that the country will implement the Organisation for Economic Co-operation and Development (OECD) Crypto-Asset Reporting Framework (CARF) starting April 1, 2027. Crypto tax software provider Koinx described the framework as a major shift, stating on social media platform X on Sept. 2:

CARF = Global surveillance for crypto. It means your foreign exchange accounts, wallets, and offshore trades won’t stay invisible. They’ll be automatically reported back to India through international data-sharing agreements.

The finance ministry official also explained that India will sign the Multilateral Competent Authority Agreement next year, which will provide the legal structure for automatic exchange of tax-related information. While India had entered into an MCAA in 2015 for financial account data, a separate agreement will be required to extend coverage to crypto assets. Koinx emphasized the impact of this change, noting: “India will sign the Multilateral Competent Authority Agreement (MCAA) next year. This is the same global system that already exposes hidden foreign bank accounts. Now, it’s crypto’s turn.”

Once implemented, the framework will ensure regulators gain visibility into offshore balances and past transactions through cooperation with other jurisdictions.

The implications for investors are substantial. According to Koinx:

Any coin held abroad will be flagged. Your offshore CEX trades will be reported. Wallet balances outside India will no longer be hidden.

The firm also urged investors not to delay compliance, warning that enforcement authorities could take action under existing laws against undisclosed income even before 2027. Industry analysts acknowledge that while CARF may feel restrictive for those relying on offshore platforms, the system is expected to improve transparency, strengthen regulatory oversight, and support broader legitimacy of cryptocurrencies in India.

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