Trade
Basic
Futures
Futures
Hundreds of contracts settled in USDT or BTC
Options
HOT
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Futures Kickoff
Get prepared for your futures trading
Futures Events
Participate in events to win generous rewards
Demo Trading
Use virtual funds to experience risk-free trading
Earn
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Launchpad
Be early to the next big token project
Alpha Points
NEW
Trade on-chain assets and enjoy airdrop rewards!
Futures Points
NEW
Earn futures points and claim airdrop rewards
Investment
Simple Earn
Earn interests with idle tokens
Auto-Invest
Auto-invest on a regular basis
Dual Investment
Buy low and sell high to take profits from price fluctuations
Soft Staking
Earn rewards with flexible staking
Crypto Loan
0 Fees
Pledge one crypto to borrow another
Lending Center
One-stop lending hub
VIP Wealth Hub
Customized wealth management empowers your assets growth
Private Wealth Management
Customized asset management to grow your digital assets
Quant Fund
Top asset management team helps you profit without hassle
Staking
Stake cryptos to earn in PoS products
Smart Leverage
NEW
No forced liquidation before maturity, worry-free leveraged gains
GUSD Minting
Use USDT/USDC to mint GUSD for treasury-level yields
More
Trending Topics
View More3.57K Popularity
30.17K Popularity
59.16K Popularity
19.85K Popularity
112.85K Popularity
Pin
India Tightens Crypto KYC As Nigeria Links Trades To Tax IDs
Source: CryptoTale Original Title: India Tightens Crypto KYC As Nigeria Links Trades To Tax IDs Original Link:
Key Updates
India and Nigeria have rolled out stricter compliance rules for the crypto sector. India’s Financial Intelligence Unit has ordered deeper identity verification for exchanges to counter money laundering and terror financing risks. Nigeria has launched a tax-driven oversight model that links digital asset transactions to taxpayer identity records under a nationwide reform.
India’s Enhanced KYC Framework
India’s Financial Intelligence Unit updated its crypto compliance rules on January 8. The new guidance requires exchanges to verify users using a live selfie. Users must blink during the selfie check to prove the person is real. The FIU also demands stronger traceability data during onboarding.
Geo-Tracking, Extra ID Documents, and Bank Ownership Checks
Under the updated framework, exchanges must log a user’s geographic coordinates. Platforms must also record the date and time of verification. The FIU requires collection of the IP address used during onboarding. This data package is meant to strengthen audit trails and reduce fraud linked to stolen identities or synthetic accounts.
India already requires the Permanent Account Number for crypto access. The FIU now demands additional documents beyond PAN. Exchanges must collect a passport, driver’s license, Aadhaar card, or voter ID. Platforms must also gather mobile numbers and email addresses.
The FIU has also tightened banking confirmation steps. Exchanges must authenticate bank ownership through the penny-drop method. This involves sending a refundable 1 rupee charge to confirm the account. The step confirms the bank details match the customer record.
Higher-risk clients face stricter monitoring under the rules. Enhanced due diligence is required for users linked to tax havens, FATF-linked jurisdictions, and politically exposed persons. Some non-profit organizations also fall into the high-risk screening bucket.
Product Restrictions and Platform Obligations
India’s FIU rules also restrict certain crypto-related products. Exchanges cannot support initial coin offerings or initial token offerings, as these offerings lack justified economic rationale and carry heightened risks of money laundering and terrorist financing.
Privacy tools are also directly targeted by India’s updated framework. Exchanges are barred from using or enabling tumblers and mixers. These tools can hide transaction trails and weaken traceability. The FIU aims to block systems designed to make crypto flows untraceable.
All platforms must register with the FIU to operate within compliance rules. Exchanges must report suspicious trades and transactions. They must keep user data for five years as required by the guidelines. The structure places crypto platforms under reporting duties similar to other regulated financial entities.
India remains cautious on crypto, even though it is allowed to be traded in regulated form. The nation categorizes crypto as virtual digital assets under the Income Tax Act, 1961. VDAs can be traded by citizens on FIU-approved platforms. But crypto is not legal tender.
Nigeria’s Tax-Focused Compliance Model
Nigeria is taking a different compliance route focused on tax reporting. The country is rolling out crypto oversight through identity systems rather than blockchain surveillance. Under Nigeria’s new tax reforms, crypto service providers must link transactions to Tax Identification Numbers.
The framework took effect on January 1 under the Nigeria Tax Administration Act 2025. It requires virtual asset service providers to submit regular returns to tax authorities. Reports must include the nature and value of the transactions facilitated. They must also include customer identity details, such as names and contact information. Tax IDs are mandatory in reporting, with NIN required where identity laws apply.
The legislation permits tax authorities to ask crypto providers for additional information. It also relies on keeping customer and transaction data for the long term. VASPs are required to exchange transaction information with tax authorities and FIUs. This also stretches AML reporting requirements into a tax control point.