Cryptocurrency

India has moved to significantly strengthen oversight of the digital asset ecosystem by tightening Know Your Customer (KYC) norms for cryptocurrency platforms. Under the updated compliance framework, users will now be required to submit real-time selfies and enable geo-tagging during onboarding and verification processes. The measures are aimed at curbing misuse of virtual digital assets, improving traceability, and aligning crypto compliance with standards followed in traditional financial systems.

India’s digital asset ecosystem entered a more regulated phase in 2024–25 as 49 cryptocurrency exchanges completed registration with the Financial Intelligence Unit (FIU). The milestone reflects the government’s intent to bring virtual digital asset platforms firmly within the country’s financial surveillance framework. Mandatory registration strengthens anti-money laundering safeguards, enhances transaction transparency, and aligns crypto businesses with compliance standards followed by traditional financial institutions.