According to CoinMeta, as reported by The Economic Times of India, the Central Direct Tax Commission of India has revised the global tax reporting framework. It has extended the application of the Foreign Account Tax Compliance Act and the Common Reporting Criteria to specific crypto assets, central bank digital currencies, and digital currency products, and has also tightened the due diligence requirements for financial institutions. The updated compliance framework provides guidelines for banks, mutual funds, insurance companies, custodian institutions, and other investment entities regarding account identification, tax residency verification, and financial information reporting. Financial institutions are required to conduct enhanced due diligence on high-value accounts with balances exceeding one million US dollars.