Algorithmic Ratings & Investment Analysis
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by aria-crypto.com
April 26, 2025 at 10:17
Crypto Compliance Tightens in India: KYC Mandate Effective June 2025
India is set to impose stricter regulations on its cryptocurrency industry, specifically focusing on user identity verification.
The Financial Intelligence Unit of India (FIU-IND) has announced a new mandate requiring all crypto exchanges to update their Know Your Customer (KYC) details by June 30, 2025.
This decision comes in response to an investigation revealing non-compliance with the 1% Tax Deducted at Source (TDS) rules among users and exchanges.
To ensure adherence to the Prevention of Money Laundering Act, exchanges must reverify users’ KYC details, including their Permanent Account Number (PAN).
Failure to comply with this directive could lead to significant regulatory actions against exchanges and their users.
Major crypto platforms, including Binance, are already informing their users about the necessary re-verification process.
The Bharat Web3 Association has praised this initiative as a move towards enhancing transparency and security in the cryptocurrency sector.
Industry experts emphasize the significance of educating users on tax obligations alongside KYC compliance.
While this action marks progress, the overall crypto regulatory framework in India is still under development, with the Reserve Bank of India working on a discussion paper.
The latest mandate signals India's commitment to creating a well-structured regulatory environment for cryptocurrencies moving forward.
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