Crypto body IndiaTech recommends data sharing among exchanges, tighter KYC norms

crypto body indiatech recommends data sharing among exchanges tighter kyc norms

Sumary of Crypto body IndiaTech recommends data sharing among exchanges, tighter KYC norms:

  • Bengaluru | Mumbai: Crypto industry body IndiaTech has recommended an evolved approach to Know Your Customer (KYC) guidelines and for cryptocurrency exchanges to share customer details with each other to map all users engaged in crypto transactions in India.
  • The recommendations assume significance amid speculation of a ban on trading of virtual currencies and growing concerns around customer protection and anti-money laundering activity.
  • The government is set to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for consideration in the upcoming Winter session of parliament.
  • ” The talks between the industry body and the RBI are aimed at safeguarding users and to better map their exposure to cryptocurrency across platforms, people briefed on the matter said.
  • Members of the parliamentary standing committee on finance also met crypto industry representatives this month to discuss the future of cryptocurrency.

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