India tightens KYC requirements for cryptocurrency user registration

The Indian Financial Intelligence Unit (FIU) has released new guidelines tightening the user registration rules for cryptocurrency platforms.

The new regulations require regulated cryptocurrency trading platforms to verify user identities through real-time selfies and geolocation. The real-time selfies must track the user's eye and head movements to prevent the use of AI deepfake technology to bypass the KYC verification process. Additionally, Indian trading platforms must collect geolocation and IP addresses at the time of account creation, as well as a timestamp of the account creation. Users are now required to submit additional government-issued photo identification to the trading platform and verify their email and phone numbers in order to create an account on the cryptocurrency trading platform.