India tightens KYC rules for crypto platforms demanding live selfies, geo-tagging and bank confirmation
India has introduced stricter Know Your Customer (KYC) requirements for cryptocurrency platforms: users registering must now provide a live selfie, confirm their bank account, submit geo-location data, and additional documents. This measure aims to strengthen oversight and improve tax collection.
Source Times of India
The regulations seek to reduce anonymity in the crypto space and enhance transaction transparency. This approach is likely to discourage fraudulent activities and support tax authorities in monitoring crypto transactions.
With these steps, the government aims to better integrate the cryptocurrency sector into the national financial system while increasing user accountability.
