India mandates crypto firms to record KYC data for 5 years
India has declared its Computer Emergency Response Team (CERT) as the National Agency for cyber security, including digital assets.
CERT becomes the national agency for cyber security
The move gives CERT, a Ministry of Electronics and Information Technology unit, the authority over suspicious bodies and illegal activities in the crypto sector. The government has made it mandatory for crypto businesses like virtual asset service providers (VASPs) to conduct and keep know-your-customer (KYC) records of financial transactions for five years. The 18-years old agency aims to “ensure cyber security in the area of payments and financial markets for citizens while protecting their data, fundamental rights and economic freedom in view of the growth of virtual assets.”This is the first time the government has explicitly mentioned KYC data maintenance. The Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Department of Telecom (DoT) will all have standards for KYC processes and data.
To establish an open communication channel on these new rules, crypto firms are also required to appoint a point of contact for CERT.
India on the way to regulate crypto
Looking at the ground, crypto investors in the nation are eagerly waiting for a clear set of regulations. While appointing CERT as the national agency for cyber security seems to be a small step toward regulating the crypto sector, the government does not consider it to be a step towards regulation. A significant step that caught the eye of the entire world was the imposition of a 30% tax on crypto investment profits. However, a senior official at the finance ministry said taxation does not make crypto investment legal in India.Recently, during an interaction with students and faculty at Stanford University in California, the Finance Minister of India, Nirmala Sitharaman, said that the government cannot rush the crypto regulation process. She added:
“There is impatience outside saying what are you doing about crypto… I understand the impatience, but I’m sorry, that’s how it is going to be.”
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