According to official releases and news reports, India’s Financial Intelligence Unit (FIU) rolled out tougher Know-Your-Customer (KYC) and anti-money-laundering checks that crypto platforms must use when bringing new users on board.
Live Selfie And Geo-Tagging RequiredPlatforms must also record latitude and longitude, the device IP address and a timestamp at the moment a user registers. Those pieces of data will be kept as part of the KYC record, according to coverage by major outlets.
A Penny-Drop To Confirm Bank Ownership
Industry participants told reporters that the new steps are likely to increase the time it takes a user to open an account and will push up operational costs for platforms that must integrate biometric and geolocation systems. While regulators say the measures aim to block illicit finance, some retail investors may find the process harder to complete, which could affect volumes in the near term.
According to sources, the FIU expects exchanges to implement these checks promptly and to keep records for audit. Failure to comply could invite action under PMLA rules. Observers say the move aligns India with stricter global KYC norms and signals that regulators plan active oversight as crypto use grows.
Featured image from Unsplash, chart from TradingView
