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NEW DELHI: In an effort to eliminate illegal activity in the digital asset market, India’s Financial Intelligence Unit (FIU) has unveiled stringent new anti-money laundering (AML) and know your customer (KYC) protocols for cryptocurrency exchanges, including mandatory liveness detection and geographical tracking during the onboarding process. The updated guidelines, issued on Jan 8, classify crypto…
India’s Financial Intelligence Unit (FIU) has rolled out stringent new Anti-Money Laundering (AML) and Know Your Customer (KYC) norms for cryptocurrency exchanges, making live selfie verification and geographical tracking mandatory during user onboarding, according to guidelines issued on January 8, PTI reported. Under the updated framework, crypto exchanges are classified as Virtual Digital Asset (VDA)…
49 Crypto Exchanges, majority based in India, registered with financial intelligence unit (FIU) which works under ministry of finance, in fiscal year 2024-2025. Such a move comes as part of the country’s efforts to combat money laundering and prevent terrorist financing risks in the digital currency sector. It comes as a strategic analysis of suspicious…
