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Cryptocurrency, Cryptocurrency Exchange, Digital Identity, Featured

Thailand Aims to Introduce In-Person Verification for Cryptocurrency Exchanges

Concerning a report, the anti-money laundering office of Thailand has announced that cryptocurrency exchanges need to verify the identities of new users in person by utilizing a dip chip machine as the government intends to curb novel account creations with strict KYC stipulations. 

The Highlight of the Report

As per the report, presently new users can verify their own identities with cryptocurrency exchanges with the help of document submission online. Soon after, it will be followed by a dip chip machine scan. 

In this case, a chip embedded within the citizen ID cards will require the customers to be present concerning the verification procedure. Apart from that, according to the new rules, it can also prevent investors from abroad to access exchanges within the country who previously were unable to obtain ID cards. 

Also Read: Luxembourg PM Aims to Make the Most of ‘Digital Frontrunner’ in Blockchain

On the other hand, lawmakers additionally happen to be keen when it comes to applying identical regulations for sales of gold valued at more than $3200. Money gold merchants within the nation’s capital Bangkok, are already utilizing dip-chip machines when it comes to identifying verifications. The regulation tightening arises as cryptocurrency as it happened to be surging in popularity within the nation. 

Numerous accounts with cryptocurrency exchanges happen to spike at the beginning of May. Moreover, executives from various industries have expressed their concerns about the new rules that are likely to stifle the development of the crypto sector of Thailand. Maximum crypto-asset exchanges still happen to be busy evaluating their assistance when it comes to accommodating the developing number of customers. It is because new account apps proceed to flow in. But, such a development can be curved if the application procedure turns out to be more complex. 

Final Remarks

The digital asset operators trade association of Thailand is intending to host a debate about the upcoming regulations.

Also Read: Turkey Working On Crypto Regulations: No Intentions to Ban

At an upcoming forum, they happen to be discussing it with regulatory agencies that include the AMLO as well as the Securities and Exchange Commission.

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