India Tightens Crypto Regulations to Combat Money Laundering

India has escalated its regulatory oversight of the cryptocurrency sector, introducing stringent measures to curb money laundering and terrorism financing. The country's financial intelligence unit now requires crypto exchanges to implement rigorous identity verification protocols, effective January 8. These rules mandate live selfie checks—where users must perform actions like blinking—alongside detailed recording of geographic coordinates, timestamps, and IP addresses.

Exchanges must collect supplementary documentation, including passports, driver’s licenses, or Aadhaar cards, while verifying mobile numbers and emails via one-time passwords. Bank account ownership is confirmed through a 'pe' method, underscoring the government's push for transactional transparency.

The MOVE reflects India's cautious approach to crypto adoption, balancing innovation with systemic risk mitigation. No direct mentions of specific coins or exchanges were identified in the provided text.