Dozens of exchanges will close until June 22, 2022 in India

Regulators in India are tightening control over the cryptocurrency sphere. Today, a directive was issued according to which all Indian cryptocurrency exchanges and online exchangers will store user data for 5 years.

Document published by CERT-In. According to this department, the main purpose of this innovation is to increase the security of crypto sites for users. The storage of information will force exchanges to more clearly comply with KYC requirements, as well as increase the detection of crypto-currency crimes.

It is worth noting that the innovation also applies to VPN service providers. These companies must report cyber incidents and suspicious activity that occurs on their network. According to the CERT-In directive, an incident must be reported no later than 6 hours so that representatives of the organization can respond to it in a timely manner.

The changes will come into effect on June 22, 2022. Many cryptocurrency exchanges and platforms that fail to comply with the new regulations will cease operations in India. The rest will adjust and enforce the rules.

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