India tightens crypto noose further; live selfies, geo-tagging now mandatory for every users.
Exchanges must record the exact latitude and longitude, date, timestamp and IP address from which user starts creating an account.
The "penny-drop" method, which involves processing a nominal fee transaction to confirm that the bank account is active and belongs to the registrant, is required.
In addition to phone number, email OTP and document verification, guidelines also ask exchanges to preserve client ID, their address and transaction details for at least five years and retain them until an investigation is closed.