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.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
