New digital currency traders in Thailand will be required to physically present themselves when they open new accounts on exchanges. This is after the countrys regulators revealed a new stringent KYC process that is seeking to stamp out money laundering, scams and other illegal activities from the industry. The new regulations kick in starting September.
Currently, Thai exchanges conduct the onboarding process entirely onlinefrom the application, to the ID submission, verification and account opening. However, according to a report by the Bangkok Post this all changes in three months time. The Thai Anti-Money Laundering Office (AMLO) has mandated all exchanges to use the dip-chip machine for identity verification. This machine scans a chip embedded on the Thai national identity card, requiring the customer to be physically present.