Did You Know You Would Need The Following Documents To Open A Cryptocurrency Account?

In the last 2 years, India has witnessed an immense craze and growth of Cryptocurrency. This growth and curiosity around cryptocurrency have given the birth of cryptocurrency exchanges in the country. A cryptocurrency exchange is an application or website where users may swap their local (government issues currency) money for cryptocurrency and vice-versa.

India is a big market for currency exchange. As of now, India is home to some big cryptocurrency exchange apps and become a growing market of crypto investors. India ranks 25th in terms of cryptocurrency investor's country in the world. However, in the last few weeks, India's cryptocurrency investor's number might decline due to a bill that the Government of India is planning to introduce in the parliament next year. This has been in the news for quite a long time and created panic among the cryptocurrency investors and enthusiasts in the country. This has also resulted hesitation among the crypto investors in the country.

Cryptocurrency Exchanges

Some big cryptocurrency exchanges in India are:

• CoinDCX
• CoinSwitch Kuber,
• WazirX
• Unocoin
• ZebPay

Documents And Cryptocurrency User Registration

To start investment in Cryptocurrency, the first need to register themselves and open an account with a cryptocurrency exchange platform. The account registration form will prompt the user to provide certain basic information. To start investment in Cryptocurrency, the first need to register themselves and open an account with a cryptocurrency exchange platform. The account registration form will prompt the user to provide certain basic information as Name, Address, Phone, Number, E-mail address, date of birth, and one photograph.

Applicants need to provide a valid PAN card, passport, or other government-issued identification cards for KYC purposes. Details about the applicant's bank account, such as the bank's name, account type, account number, and so on for the trading the Cryptocurrency.

After providing all the information in the prescribed column of the asked information, you will be asked to warrant that all required registration information you submit is true and accurate and you will keep such information up to date. In case, for any reason, you wish to close your account with the exchange, you can do that at any time.

The information you provide will be kept to comply with applicable laws, such as the Prevention of Money Laundering Act (PMLA) 2002, the Prevention of Money Laundering (Maintenance of Records) Rules 2005, and other guidelines/policies issued by the government authorities or regulatory bodies in this regard. 

Name, Address, Phone, Number, E-mail address, date of birth, and one photograph.

Applicants need to provide a valid PAN card, passport, or other government-issued identification cards for KYC purposes. Details about the applicant's bank account, such as the bank's name, account type, account number, and so on for the trading the Cryptocurrency.

After providing all the information in the prescribed column of the asked information, you will be asked to warrant that all required registration information you submit is true and accurate and you will keep such information up to date. In case, for any reason, you wish to close your account with the exchange, you can do that at any time.

The information you provide will be kept to comply with applicable laws, such as the Prevention of Money Laundering Act (PMLA) 2002, the Prevention of Money Laundering (Maintenance of Records) Rules 2005, and other guidelines/policies issued by the government authorities or regulatory bodies in this regard. 

Read All The Documents

Experts recommend that before signing in or registering with any Cryptocurrency exchange read all the terms and conditions, and the privacy policy of the respective cryptocurrency exchange carefully. This will allow you to avoid any hassle that might you face in the future. Also, read all the documents and FAQs before making any decision on investing or opening an account with any cryptocurrency exchanges in India.