Thailand requires in-person KYC for new digital currency exchange signups

By Steve Kaaru10 days ago

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.


According to the paper, digital currency trading in the Southeast Asian nation has skyrocketed this year. As of April 26, there were close to 700,000 digital currency accounts in Thailand, up four-fold from 160,000 at the end of 2020. This growth in user numbers and trading volumes has concerned the regulators.

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