Core Viewpoint - The Indian Financial Intelligence Unit (FIU) has mandated stricter KYC (Know Your Customer) requirements for cryptocurrency exchanges, emphasizing enhanced due diligence and reporting measures [1] Regulatory Changes - Cryptocurrency exchanges are now required to implement live selfie verification for users, along with recording location, time, and IP address, and providing multiple forms of identification [1] - High-risk customers must undergo enhanced due diligence every six months [1] - The new regulations prohibit Initial Coin Offerings (ICOs), Initial Token Offerings (ITOs), and the use of mixers, which are tools for obfuscating transactions [1] Compliance and Reporting - Platforms must register with the FIU, report suspicious transactions, and retain data for five years [1] - India continues to classify crypto assets as Virtual Digital Assets (VDAs), allowing trading but prohibiting their use as payment methods [1]