Indian Crypto EXCH Plan To Collect Identity Detail
According to The Economic Times, a new provision being considered by Indian crypto exchanges will require users to reveal their identity when transferring crypto to a private wallet.
According to the report, it is not mandatory to collect details, nor is there currently a procedure in place. It means that an exchange will only allow a transfer after obtaining the identity of the receiver from the sender, according to the report.
Due to KYC measures, an exchange has access to the identities of buyers and sellers who are clients of local exchanges. The platforms are deliberating on details such as the type of ID, how it will be collected, and how to assess its authenticity, among other things. There is no clarity on when the measure will be implemented by the exchanges.
(With inputs from Shikha Singh)
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