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 ButaniPartner | Mumbai

Latest Thought Leadership

international trades
Alerts & Updates 29th May 2026

US Sanctions – Sanctions on India based entity and national under E.O. 13846 (Iran)

Read More
Alerts & Updates 27th May 2026

IRDAI Tightens Governance Norms on Remuneration of Key Management Persons

Read More
international trades
Alerts & Updates 22nd May 2026

U.S. OFAC Enforcement – Adani Enterprise Limited

Read More
Newsletter/Booklets 22nd May 2026

Recent Developments in Direct & Indirect Tax

Read More

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.”

Click Here

Privacy Policy

As per the rules of the Bar Council of India, lawyers and law firms are not permitted to solicit work or advertise. By clicking on the "I Agree" button, you acknowledge and confirm that you are seeking information relating to Economic Laws Practice (ELP) of your own accord and there has been no advertisement, personal communication, solicitation, invitation or any other inducement of any sort whatsoever by or on behalf of ELP or any of its members to solicit any work through this website.