Indian crypto businesses will need to follow directions of the Indian Computer Emergency Response Team (CERT) on matters of cyber security, according to a government notification. By amitoj
, including the crypto industry, in a move that clarifies which agency has the authority over suspicious or illicit activities in the sector.
While the industry views the announcement as a soft step toward regulation before crypto-specific legislation is enacted, the government has not suggested the move is a step toward regulation. A similar, but much stronger, move was the rule to tax crypto businesses before crypto-specific legislation, announced in February.
This is the first time the government has made clear that the data needs to be maintained for a period of five years. KYC processes and data will need to be aligned to the guidelines of three entities: the Reserve Bank Of India , Securities and Exchange Board of India and Department of Telecom .
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