India’s FIU Mandates Live Identity Verification and Location Checks for Crypto Exchanges
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India's Financial Intelligence Unit requires exchanges to implement live identity verification and location checks to combat money laundering. New rules specify that platforms must collect IP addresses, geo-location, device IDs, and wallet addresses. The crypto community criticizes high tax rates and TDS as regulatory barriers.
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- India’s FIU mandates live identity verification and location checks for exchanges.
- Platforms must collect IP addresses, geo-location, device IDs, and wallet addresses.
- The community criticizes 30% crypto tax and 1% TDS as primary regulatory obstacles.
India’s Financial Intelligence Unit has tightened compliance requirements for cryptocurrency platforms. On January 8 the updated rules were issued mandating live identity verification and location checks as part of enhanced anti-money laundering and know your customer measures targeting illicit transactions.
The guidelines classify crypto exchanges as virtual digital asset service providers, requiring more stringent verification processes beyond simple document uploads. The FIU cited the anonymous and instantaneous nature of VDA transactions as justification for expanded monitoring. Platforms face obligations to preve…
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