Selfie, 'penny drop' mandated as KYC for crypto customers in India

Pravel Jain, Published on Jan 11th, 2026

Selfie, 'penny drop' mandated as KYC for crypto customers in India

India's financial intelligence agency has mandated selfie with liveness detection, geo-coordinate recording and bank verification via the 'penny-drop' method for crypto exchanges during user onboarding. The measures fall under anti-money laundering and counter-terror financing KYC protocols. The directives also discourage Initial Coin Offerings and Initial Token Offerings by the exchanges.

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