India's Financial Intelligence Unit (FIU) has introduced stringent KYC requirements for cryptocurrency exchanges. Users must now undergo live selfie verification, with their location, time, and IP address recorded, alongside multiple forms of identification. High-risk customers will face enhanced due diligence every six months. The new regulations also ban ICOs, ITOs, and mixing services, requiring platforms to register with the FIU, report suspicious transactions, and retain data for five years. While crypto assets remain classified as VDAs in India, they are tradable but not permitted as payment methods.