India tightens KYC requirements for crypto user onboarding
Tax and other regulatory agencies in India claim that cryptocurrencies and permissionless blockchain tech undermine tax collection.
India’s Financial Intelligence Unit (FIU), a regulatory agency that sets anti-money laundering and know-your-customer regulations, issued new guidelines tightening rules for onboarding users to crypto platforms.
The new rules force regulated crypto exchanges to verify users through live selfie pictures and geographic location verification, according to The Times of India.
The live selfie pictures are verified with software that tracks users’ eye and head movements to prevent AI deep fakes from being used to bypass the know-your-customer (KYC) verification process.