News & Media 6th May 2022

Crypto Exchanges Now Required to Store KYC Data for 5 Years. Is it a Yay or Nay from the Industry?

Authors

Vinay Butani Partner | Mumbai

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In a bid to enhance India’s cyber security and crypto infrastructure, the Indian Computer Emergency Response Team (CERT-in) has mandated all Virtual Private Network (VPN) providers and crypto exchanges to maintain customer data record for up to 5 years. The rules will come into effect in June 2022.

Against this backdrop, Vinay Butani, Partner, Economic Laws Practice (ELP) has been quoted in News18 India in their article titled ‘Crypto Exchanges Now Required to Store KYC Data for 5 Years. Is it a Yay or Nay from the Industry?’. He says, “Whilst at one end this certainly looks like a positive step towards compliance and user safety on the crypto platforms, however, on the other end, this is definitely going to drive up the costs of the exchanges given the additional compliances.”

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