India’s Crypto Regulation Gets Stricter in 2025: Mandatory KYC Update by June 30!

The post India’s Crypto Regulation Gets Stricter in 2025: Mandatory KYC Update by June 30! appeared first on Coinpedia Fintech News India’s crypto scene has always been a bit like the wild west — full of excitement, opportunities, and a whole lot of uncertainty. But now, the Asian superpower is taking serious steps toward tighter control. With new KYC (Know Your Customer) mandates, both crypto exchanges and investors are facing important changes. Here’s what you need to know about India’s latest move toward crypto regulation and why it matters. FIU-IND Steps In: KYC Updates Are Now Mandatory In a major push to tighten oversight, the Financial Intelligence Unit of India (FIU-IND) has ordered all crypto exchanges operating in the country to update their users’ KYC details by June 30, 2025. This move is part of India’s broader effort to improve crypto compliance and ensure everyone is paying the right taxes. Why the FIU Is Updating KYC Rules According to reports , a Financial Intelligence Unit investigation revealed that several users and exchanges were not adhering to the 1% TDS (Tax Deducted at Source) rules applicable to crypto transactions. To address this, the FIU-IND mandated that all crypto exchanges must reverify and update user accounts to prevent violations of the Prevention of Money Laundering Act. The message is loud and clear: non-compliance will not be tolerated. June 30 Deadline: What Crypto Users and Exchanges Need to Do Crypto exchanges must now request users to reverify their KYC details, including submitting essential information such as their Permanent Account Number (PAN), before the June 30 deadline. Failure to comply may lead to regulatory action. Major Exchanges Already Taking Action Global and local exchanges, including Binance, have already started informing users about the KYC re-verification process. The industry is moving fast to align with the FIU’s directive. The Bharat Web3 Association, a leading blockchain advocacy group in India, has welcomed the move, saying it will help boost transparency and security in the crypto sector. Edul Patel, CEO of Mudrex, highlighted the need to pair KYC updates with better education around crypto tax obligations. He pointed out that there is now a stronger focus on promoting responsible behavior among crypto users. India’s Broader Crypto Regulation Efforts While the new KYC requirements are a strong step forward, India’s full crypto regulation framework is still under development. The Reserve Bank of India (RBI) is said to be working on a discussion paper that will lay out the government’s approach to regulating the crypto sector. It is clear that this is only the beginning of a bigger shift in how India handles crypto. Industry leaders like Sudhakar Lakshmanaraja are optimistic about the changes. They see the FIU’s move as a positive signal that India is committed to creating a clear and well-structured crypto environment. While some uncertainty remains, one thing is certain: the era of unregulated crypto trading in India is ending. 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If you fail to update your KYC details by the deadline, your crypto account may be restricted, frozen, or even suspended by the exchange as per FIU-IND guidelines. How can I update my KYC on crypto exchanges? Most exchanges are sending direct email notifications. Generally, you’ll need to log into your account and submit updated documents like your PAN card and proof of identity/address. What penalties will crypto exchanges face if users don’t complete KYC? Exchanges that fail to comply with the FIU-IND order may face regulatory scrutiny, fines, or restrictions under the Prevention of Money Laundering Act (PMLA). Should Indian crypto exchanges expect more regulations after this? Yes, experts believe that India’s crypto regulation framework will soon include licensing requirements, operational audits, and stricter financial reporting.