Despite lack of regulation, India’s crypto exchanges deploy certain KYC and anti-money laundering procedures, but loopholes remain in the ecosystem. Mint explains.
India has no KYC norms for cryptocurrency. Despite this, India’s cryptocurrency exchanges have come up with their own KYC procedures for users. “As a matter of course, we ask for ID and address proof like Aadhar and PAN Card. We also insist that money must come from the concerned user’s bank account and not some third-party account,” said Nishal Shetty, CEO, WazirX, India’s largest cryptocurrency exchange.