India has just issued new regulations requiring crypto exchanges to verify users more strictly to combat money laundering.
The new regulations require users when opening an account to: - Take a live selfie (live selfie), with motion verification to prevent deepfake. - Provide geographic location and IP address. - Verify bank accounts with small transactions. - Provide identification documents, email, and phone number.
These measures aim to strengthen KYC/AML, limit anonymous accounts, and prevent fraud.
Under current law, profits from crypto are taxed at 30%, with no offset for losses from other transactions, making compliance and supervision more complex. #GateProofOfReservesReport
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India has just issued new regulations requiring crypto exchanges to verify users more strictly to combat money laundering.
The new regulations require users when opening an account to:
- Take a live selfie (live selfie), with motion verification to prevent deepfake.
- Provide geographic location and IP address.
- Verify bank accounts with small transactions.
- Provide identification documents, email, and phone number.
These measures aim to strengthen KYC/AML, limit anonymous accounts, and prevent fraud.
Under current law, profits from crypto are taxed at 30%, with no offset for losses from other transactions, making compliance and supervision more complex.
#GateProofOfReservesReport