India’s Crypto Rules: Seriously?

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Oh, brilliant. 🙄 Just when you thought signing up for anything online couldn’t get more…involved. India’s Financial Intelligence Unit (FIU), bless their hearts, have decided crypto platforms need a serious personality check. New KYC and anti-money laundering rules, you know, because apparently, we’re all master criminals just trying to buy some Bitcoin. 😈

Apparently, it’s not enough to just…exist and want to trade digital currency. Nope. They need live biometric data, your location like they’re tracking you for a Netflix true crime doc, and proof your bank account is actually yours. It’s honestly more commitment than some relationships. 🤦‍♀️

Selfie Time! (And No, A Filter Won’t Cut It)

So, about that selfie. It needs to be live. As in, blink-and-you’ll-miss-it, head-bobbing, prove-you’re-human live. Because a nice, carefully curated Instagram picture is clearly too good to be true. Honestly, it’s starting to feel like applying for a top-secret government job. 🕵️‍♀️

Then, they want to know exactly where you are. Latitude, longitude, the IP address of your device – basically, your entire digital footprint. They’ll keep all of this, naturally. For…security. Right. 👀

The Penny Drop: Because Trust Issues are Real

Oh, and the best part? A “penny drop.” They’re going to send you one rupee (₹1) to make sure you actually own your bank account. Like, thanks for assuming I’m trying to use someone else’s money. 😒 You’ll also need ALL THE ID. PAN cards, Aadhaar, passports, voter IDs… basically, your life story. Oh, and OTPs for your phone and email, because security. Obviously.

It’s all very…thorough.

Ongoing Interrogation (I mean, Checks)

And if you think you’re off the hook after all that? Think again. KYC needs a refresh yearly for regular folks, and every six months if you look even remotely suspicious. They’ll file reports if anything seems…off. 🧐 Which, let’s be real, will add a hefty bill to the crypto exchanges and probably make onboarding slower than dial-up internet.

So, What Does This Mean For You?

Basically, expect to spend a lot more time – and a little bit more of your soul – signing up for crypto exchanges in India. And the platforms? Well, they’re not thrilled either. Costs are up, and getting new customers is about to become an Olympic sport. 🤸‍♀️

The FIU wants instant compliance, which is…ambitious. They also expect records for audits. Because nothing says “trust” like constant surveillance. 🤷‍♀️ Apparently, India wants to be all grown up and follow the global KYC rules. Which, honestly, feels like a bit of a buzzkill.

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2026-01-12 08:59