Crypto Exchanges to Keep Customer Data For Five Years

The CERT-in or Computer Emergency Response Team of India has issued a memorandum that affects the operations of crypto exchanges in the country. this has been posted on the website of the authority.

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CERT-in has issued the VPN providers and data centers to keep their customer information for five years. Because it is essential to maintain cyber security in the transactions and financial market in order to protect the information and fundamental rights and economic freedom of the citizens.

The client’s details, contact, and other information are gathered by the execution of the KYC process. The VPN providers and the Crypto Exchanges are instructed to provide collected data to the authorities if there occurs any cyber incident and they must report any such incident within six hours of the occurrence.

Regarding the transaction details, the information will be stored in a way where the transaction can be constructed with all the necessary details including the identity of the parties, their IP address, transaction Id, the amount of money transacted, etc.

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CEO of the Unocoin Cryptocurrency Exchange, Satvik Viswanathan addressed the decision as a positive approach toward regulation.

But the CERT-in did not specify whether the rules will be applicable only in India or to foreign ones too.

Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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