India Tightens KYC Requirements for Cryptocurrency Users

BlockBeats News, January 12th, the Financial Intelligence Unit (FIU) of India has issued new guidelines tightening the registration rules for cryptocurrency platforms. The new rules mandate regulated cryptocurrency exchanges to verify user identity through real-time selfies and geotagging. The real-time selfie photos can track users' eye and head movements to prevent bypassing KYC verification processes using AI deepfake technology.

In addition, Indian exchanges are required to collect geotags, IP addresses, and timestamp of account creation during onboarding. Users are now required to submit additional government-issued photo ID to the exchange, as well as validate their email and phone number, in order to create an account on a cryptocurrency exchange.