.0xPolygon is now requiring extensive KYC (Know Your Customer) details from potential partners in India in response to increased regulatory scrutiny there. By amitoj
Layer 2 side chain Polygon is requiring extensive KYC details to provide funding, investments, grants or financial support to potential partners in India, said a person familiar with the matter.
Polygon, whose system runs alongside the Ethereum blockchain, is looking to be"extremely compliant," according to the person, at a time when there is increased scrutiny from regulators."Anybody legit should not be reluctant to share KYC details and therefore to avoid procedural delays. It's a requirement going forward," the person added.
Developers in India have recently been talking about the difficulty of acquiring funding or investment from Polygon, going as far as saying Polygon had altogether stopped funding projects in the country, said a separate industry source. However, the source familiar with Polygon's decision clarified that the move is not a complete pause on funding to Indian projects but is related to increased government scrutiny.
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