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Side chain on layer 2 According to a source familiar with the situation, Polygon is seeking comprehensive KYC (Know Your Customer) information in order to provide money, investments, grants, or financial help to potential partners in India.
According to the person, Polygon, whose technology works alongside the Ethereum blockchain, is aiming to be "very compliant" at a time when regulators are paying closer attention.
"There will be no awards to anyone who is unwilling to submit full KYC details," the individual stated.
"Anyone who is legitimate should not be hesitant to share their KYC information in order to prevent procedural delays. It will be required in the future "the individual added
According to a separate industry source, developers in India have recently expressed problems obtaining finance or investment from Polygon, with some even claiming that Polygon has stopped sponsoring projects in the country.
However, a person knowledgeable with Polygon's decision noted that the decision is tied to greater government inspection, not a complete halt on funding to Indian initiatives.
Following the rocky local launch of crypto exchange Coinbase (COIN), Indian authorities have imposed a stiff new crypto tax, cut off payment processors from local exchanges, failed to support the industry after a drop in trading volumes, and are moving forward with a new crypto tax – a 1% deducted-at-source levy set to begin on July 1.
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