Just caught up on India's latest crypto crackdown and it's pretty significant for the space. Their Financial Intelligence Unit rolled out some serious identity verification rules back in January that basically reshape how exchanges operate there.

So here's what changed: exchanges now need users to submit a live selfie with proof of liveliness (basically you blinking on camera), plus your exact location data, timestamp, and IP address. Beyond the standard PAN requirement, you're looking at additional docs like passport, driver's license, or Aadhaar card. They're even using that penny-drop method to verify bank accounts - a 1 rupee charge to confirm ownership.

The really restrictive part? High-risk clients get flagged for enhanced due diligence every six months if they're linked to tax havens or FATF jurisdictions. And platforms straight up can't support ICOs anymore or use mixing tools that obscure transaction trails. Everything gets reported to authorities, and user data has to be stored for five years.

India's basically treating crypto as virtual digital assets under their tax code - you can trade them on registered platforms, but they're not legal tender for payments. It's a pragmatic regulatory approach that tightens the screws on money laundering risks while allowing the market to function.

Meanwhile, the broader market's been feeling some pressure. Bitcoin's been struggling to hold above that $75K level, sitting around $73.91K right now. Ether, XRP, and Solana are all sliding alongside it, though you're seeing some relief from easing geopolitical tensions supporting risk assets overall. The derivatives data suggests market makers have been rebalancing exposure, which is adding to the volatility.

India's move is part of a larger wave of crypto rules tightening globally. Worth watching if you're following regulatory trends or have exposure to Indian exchanges.