Thailand’s New Cryptocurrency Regulation Requires Users to Be Physically Present to Open Accounts

Thailand’s New Cryptocurrency Regulation Requires Users to Be Physically Present to Open Accounts


The Thai government has reportedly imposed a new cryptocurrency requirement. Crypto exchanges will be required to verify users’ identities using a machine that requires the customers to be physically present.

Thailand’s New Crypto Rules

The Thai Anti-Money Laundering Office (Amlo) has announced that starting in July “local digital exchanges must verify their customers’ identities through a ‘dip-chip’ machine that requires clients to be physically present,” the Bangkok Post reported.

Trending: Half of CDC, NIH, and FDA Employees Refused the Experimental COVID-19 Jabs

Currently, the account opening process at crypto exchanges is done entirely online. To approve a new account, exchanges must ensure that the documents submitted by customers comply with the regulations set by the Thai Securities and Exchange Commission (SEC) for the know-your-customer (KYC) process and suitability test.

Furthermore, the documents must also be verified by relevant government agencies. The application will be rejected if the customer submitted fake documents or resides in a country where cryptocurrency trading is banned.

Poramin Insom, co-founder and director of crypto trading platform Satang Corp.,

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Thanks for sharing!
Send this to a friend