India tightens KYC rules for crypto exchanges

India's Financial Intelligence Unit (FIU) has announced new guidelines to strengthen the registration process for new users on cryptocurrency platforms. According to Cointelegraph, regulated crypto exchanges must now verify users through real-time selfies and geolocation checks. Additionally, to meet Anti-Money Laundering (AML) requirements, users will need to authenticate their bank accounts by making a small transfer. The move follows a recent meeting where officials from India's Income Tax Department (ITD) argued to lawmakers that cryptocurrencies and decentralized finance platforms hinder tax enforcement.