India Cranks Up Crypto KYC Rules, Making Sign-Ups Harder
India's Financial Intelligence Unit (FIU) has implemented stricter Know-Your-Customer (KYC) and anti-money laundering rules for crypto platforms. New requirements include live biometric verification (such as eye blink or head movement checks), geolocation tracking, and a "penny-drop" bank account confirmation. Users must provide multiple government IDs and verify contact details. Exchanges must refresh KYC periodically and register as reporting entities with the FIU. These measures aim to prevent anonymous accounts and illicit transactions but are expected to increase compliance costs, lengthen the sign-up process, and potentially reduce trading volumes in the short term.
bitcoinist01/12 11:02
