Crypto rules tightened: Live selfies, geo-tagging mandatory for users; FIU rolls out tougher KYC norms
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) service providers and will be required to go beyond basic document uploads for customer verification, the guidelines accessed by PTI showed.As per the rules, users must take a “live selfie” using software that verifies their physical presence through features such as eye-blinking or head movement, a step aimed at preventing the…
