Selfie, 'penny drop' mandated as KYC for crypto customers in India

India's financial intelligence agency has mandated selfie with liveness detection, geo-coordinate recording and bank verification via the 'penny-drop' method for crypto exchanges during user onboarding. The measures fall under anti-money laundering and counter-terror financing KYC protocols. The directives also discourage Initial Coin Offerings and Initial Token Offerings by the exchanges.