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.

This was done following the crypto community’s first-ever meeting with the Reserve Bank of India (RBI) earlier this month, people familiar with the development said.

IndiaTech also suggested developing a central filtration process that allows only certain coins to be listed. At present, crypto exchanges have an internal framework to determine which coin to list.