Thailand to tighten registration requirements for crypto exchanges

Thai authorities will require local bitcoin exchanges to scan the chips embedded in citizens’ identification cards when opening new accounts. The Bangkok Post reports this.

According to the report, Thailand’s Anti-Money Laundering Office (AMLO) will require in-person presence of citizens. Platform operators will be obliged to scan ID cards using special devices.

The head of the local exchange Satang Corp, Poramin Insom [Poramin Insom], told the newspaper that the new requirements will come into effect in July 2021.

At present, all steps to open accounts on cryptocurrency trading platforms in Thailand are conducted remotely. Users can also submit identity-verification documents electronically.

Market participants say the AMLO move will slow sector growth and curb foreign investor participation, those without Thai identification. Industry representatives plan to discuss the issue at the forum of the Digital Asset Operators Trade Association to begin a dialogue with the regulator, the media reports.

According to the data of the local Securities and Exchange Commission, from November 2020 to March 2021 the aggregate trading volume of crypto exchanges registered in the country stood at $1.7 billion.

Earlier in February 2021, Thai authorities develop requirements for investors opening accounts in digital assets.

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