Cybersecurity audits now mandatory for ‘crypto’ firms in India
The post Cybersecurity audits now mandatory for ‘crypto’ firms in India appeared on BitcoinEthereumNews.com. Homepage > News > Business > Cybersecurity audits now mandatory for ‘crypto’ firms in India A surge in cyber frauds targeting the digital asset space has prompted the Indian government to issue an urgent directive which requires all digital asset exchanges, custodians, and related intermediaries to undergo extensive cybersecurity audits. This ruling comes due to growing concerns over security and resilience of exchanges that handle virtual assets. According to a report by Economic Times, firms operating in the digital asset sector must now engage cybersecurity auditors who are officially empanelled with the Indian Computer Emergency Response Team (CERT-In), to ensure an extensive evaluation. CERT-In is the national agency responsible for safeguarding India’s cyberspace and works under the Ministry of Electronics and Information Technology (MeitY). This move highlights the federal government’s efforts to protect investor interests and prevent future cyber crimes. Without these audits, exchanges will not be able to register with the Financial Intelligence Unit (FIU)—a critical compliance requirement in India. A digital asset exchange cannot legally operate or fulfill reporting obligations under Indian law without a FIU registration. This mandate aims to protect users and tighten security protocols from newer threats at a time when digital asset crimes make up almost 25% of all cybercrime in India. So far, United States-based Coinbase (NASDAQ: COIN), one of the world’s largest digital asset exchanges, has registered with India’s FIU, enabling the exchange to offer “cryptocurrency trading services” in the country in a compliant way. Rival Binance also registered with the Indian agency after paying a $2.2 million penalty for non-compliance with local regulations. KuCoin registered with India’s FIU after paying a penalty of $41,000. Singapore-based Liminal Custody has become a FIU-registered entity and a compliant digital asset custody for Indian institutions. Higher compliance cost for exchanges However, this new requirement is…
The post Cybersecurity audits now mandatory for ‘crypto’ firms in India appeared on BitcoinEthereumNews.com.
Homepage > News > Business > Cybersecurity audits now mandatory for ‘crypto’ firms in India A surge in cyber frauds targeting the digital asset space has prompted the Indian government to issue an urgent directive which requires all digital asset exchanges, custodians, and related intermediaries to undergo extensive cybersecurity audits. This ruling comes due to growing concerns over security and resilience of exchanges that handle virtual assets. According to a report by Economic Times, firms operating in the digital asset sector must now engage cybersecurity auditors who are officially empanelled with the Indian Computer Emergency Response Team (CERT-In), to ensure an extensive evaluation. CERT-In is the national agency responsible for safeguarding India’s cyberspace and works under the Ministry of Electronics and Information Technology (MeitY). This move highlights the federal government’s efforts to protect investor interests and prevent future cyber crimes. Without these audits, exchanges will not be able to register with the Financial Intelligence Unit (FIU)—a critical compliance requirement in India. A digital asset exchange cannot legally operate or fulfill reporting obligations under Indian law without a FIU registration. This mandate aims to protect users and tighten security protocols from newer threats at a time when digital asset crimes make up almost 25% of all cybercrime in India. So far, United States-based Coinbase (NASDAQ: COIN), one of the world’s largest digital asset exchanges, has registered with India’s FIU, enabling the exchange to offer “cryptocurrency trading services” in the country in a compliant way. Rival Binance also registered with the Indian agency after paying a $2.2 million penalty for non-compliance with local regulations. KuCoin registered with India’s FIU after paying a penalty of $41,000. Singapore-based Liminal Custody has become a FIU-registered entity and a compliant digital asset custody for Indian institutions. Higher compliance cost for exchanges However, this new requirement is…
What's Your Reaction?
