Sunday, February 5, 2023

Thailand To Strengthen Crypto Laws By Introducing In-Person KYC

Thailand’s financial authorities would soon strengthen the laws for the new account creation at a crypto exchange.

On May 03, Bangkok Post published a report stating that the Anti-Money Laundering Office in Thailand has asked the crypto exchanges in the country to complete the new customers’ verification using a dip-chip machine.

From July 2021, the crypto exchanges will start accepting online documents for the verification of customers. Soon after the submission, the dip-chip machine will scan a chip embedded in citizens’ ID cards. Also, it is to be noted that at the time of verification, the customers are required to be physically present.

As per the new law, foreign customers would be restricted to use the crypto exchange for transferring or trading cryptocurrency.

The report further suggests that the lawmakers in Thailand are also planning to impose the same regulations on gold, whose worth is over around $3200. However, some of the merchants in the capital city of Thailand, are already using the dip-chip machine for customers’ verification.

The authorities decided to strengthen the crypto rules around the country, after experiencing a surge in the popularity of crypto assets. By the end of the year 2020, there were only 160,000 crypto exchanges in the country, but as of today, i.e., May 03, 2021, the trading platform has grown to 700,000.

Many of the crypto experts in the country are not much happy regarding the strengthening of the rules, they expressed their concern and said that the new rules would suppress the growth of the crypto sector in Thailand.

While talking about the imposition of new rules, the co-founder of Satang Corp, Poramin Insom, said, “Most digital asset exchanges are still busy preparing their systems to accommodate the growing number of clients as new account applications continue to flow in. However, this growth may be curbed if the application process becomes more complicated.”

According to the reports, the Thailand Digital Asset Operators Trade Association is planning to organize a debate for the upcoming regulations. 

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