India Tightens Crypto Rules: Live Selfies, Geo-tagging Mandatory for User Verification

• Financial Intelligence Unit (FIU) issued new strict guidelines for India's crypto market to curb illegal activities and money laundering.
• Crypto exchanges are now classified as 'Virtual Digital Asset' (VDA) service providers.
• Live selfies are mandatory for account opening, requiring users to blink or nod to prevent fake identities and deepfakes.
• Geo-tagging is now essential, requiring precise records of user location, date, time, and IP address during account creation.
• One-rupee bank transaction, PAN card, Aadhaar/passport/voter ID, and OTP verification for email/mobile are also mandatory.

Why It Matters: India implements stringent crypto regulations, mandating live selfies and geo-tagging to enhance security and transparency.