India’s Financial Intelligence Unit (FIU) tightens rules for onboarding users to crypto platforms, requiring live selfie pictures and geolocation verification. Exchanges must verify user bank accounts and collect IP addresses at account creation. Users need additional government-issued IDs to create an account. India’s regulatory stance on crypto reflects a potential influx of investment.

India’s Income Tax Department officials claim cryptocurrencies and decentralized finance platforms undermine tax enforcement, citing difficulties in taxing due to decentralized exchanges, anonymous wallets, and cross-border functionality. Gains from crypto sales are taxed at 30% in India, with users unable to harvest tax losses. Tax regulations by jurisdiction complicate efficient taxation.

Read more at Cointelegraph: India Tightens KYC and AML Requirements to Onboard New Crypto Users