India’s Crypto Crackdown: Selfies, Geolocation, and a Dash of Madness!

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In a twist that could only be described as delightfully bureaucratic, India’s Financial Intelligence Unit (FIU) has decided to spice up the already thrilling world of cryptocurrency exchanges with a set of new rules that make getting verified feel like preparing for a NASA mission. 🎉🚀

Gone are the days of simply signing up with a whimsical username and a vague promise to be nice. No, no! The new onboarding requirements are as intense as they are absurd. First up, you’ll need to take a live selfie – yes, that’s right, a selfie that proves you are, in fact, a living human being and not a particularly savvy catfish attempting to swim through the digital waters of crypto. 🐟📸

But wait! There’s more! You’ll also need to provide geolocation tracking because what fun would it be to trade virtual coins without knowing exactly where you are at all times? Latitude, longitude, your IP address, and even a timestamp will be required, presumably to ensure you aren’t trying to cheat the system from a beach in Bali while sipping a piña colada. 🍹🌴

Oh, and let’s not forget the delightful bank account confirmation! That’s right; you’ll need to send a small test transfer to prove you have actual money and aren’t just playing pretend with Monopoly money. And as if that wasn’t enough, multiple government-issued ID checks will be thrown into this delightful mix. Because who doesn’t love a good game of ID bingo? 🎫🎉

Exchanges are now on the hook to verify your email and mobile numbers too, making sure that your digital identity is as traceable as a breadcrumb trail left by a particularly confused duck. 🦆💼

All these measures aim to improve transparency and traceability without actually banning crypto trading, although one might argue that making it more challenging to get started feels almost like a gentle nudge towards giving up altogether. But hey, nothing screams “welcome” quite like a series of hoops to jump through! 🤹‍♂️✨

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2026-01-12 11:08