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New Thai Cryptocurrency Regulations Require Users to Be Physically Present to Open Accounts – Bitcoin News Regulations

By on May 4, 2021 0

The Thai government has reportedly imposed a new cryptocurrency requirement. Crypto exchanges will be needed to verify the identity of users using a machine that requires clients to be physically present.

Thailand’s New Crypto Rules

Thailand’s Anti-Money Laundering Authority (Amlo) announced that from July, “local digital exchanges must verify the identity of their clients through a microchip machine that requires clients to be physically present ”, on Bangkok Post reported.

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

In addition, the documents should also be verified by the relevant government agencies. The request will be rejected if the client has submitted false documents or resides in a country where cryptocurrency trading is prohibited.

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

Digital asset exchanges have a duty to report any transaction valued above 1.8 million baht [$58,000] under the law on money laundering, and must set up a database for inspections by regulators.

The anti-money laundering law came into force in 1999 and requires entities operating financial businesses and legal professionals, such as investment advisers and real estate brokers, to report any transaction that meets its requirements. They should also keep documentation and transaction data as evidence for 5-10 years.

In addition, around 6,000 gold shops across the country will require customers to present their ID cards when buying or selling gold worth more than 100,000 baht in cash.

However, Hua Seng Heng general manager Thanarat Pasawongse explained that most major gold stores have already been using chip machines to verify the identity of customers for four to five years because it is convenient.

In general, customers must show their ID card for cash transactions over 100,000 baht. A report must be filed with Amlo for transactions worth more than 2 million and traders must report any “suspicious” transaction to the authority.

What do you think of the new identity verification requirement to open a crypto account in Thailand? Let us know in the comments section below.

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