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Thailand Adopts In-Person KYC For Crypto Exchanges

Thailand Adopts In-Person KYC For Crypto Exchanges

A need to keep check on crypto account generation motivates Thailand government to adopt in person KYC. In effect to this, Thailand’s financial regulators are out to ensure strict compliance to the new regulations on crypto exchanges.

Thailand’s Anti- Money Laundering Office made a public notification on May 3 that the in-person KYC rule using a “dip-chip” machine will kick off by July for new users. The identities of new users are confirmed when they get their documents submitted online. The dip chip machine then analyzes a chip on the users’ ID cards.

There is an interestedness that law makers will adopt this approach in gold sales of 100,000 THB worth, equivalent to $3,200. Bangkok, one of Thailand’s gold trading vessels have dip-chip  machines in use already.

As crypo assets gain more cheers in Thailand, the new rules are strengthened. There is an index of 160,000 crypto accounts as at last year ending,  with a rise close to 700, 000 at the beginning of May, 2020. However, the management made known their fears that these rules may repress the growth of crypto in Thailand. Poramin Insom’s speculation reveals that the growth in cryptocurrency sector can be limited if complexities abound in its processes.

There is a platform organized by Thailand’s Digital Assets Opetators Trade Association to dialogue with regulatory agencies- Securities and Exchange Commission cum AMLO on the new regulations on the way.

However, Thailand’s highest exchange, Bitkub kept mute on the matter since it is yet to gain an official execution. The central bank placed a ban upon the use of stablecoin fixed to Thai Baht.


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