Thailand to Introduce Stringent KYC Requirements for Crypto Exchanges

Thailand’s financial regulators are preparing to tighten restrictions surrounding new account creation at crypto exchanges by introducing stringent KYC requirements.

May 3, 2021 | AtoZ Markets – Thai authorities will oblige local bitcoin exchanges to scan chips embedded in citizens’ ID cards when opening new accounts, Bangkok Post is reporting.

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

The head of the local exchange Satang Corp, Poramin Insom, said in a comment to the newspaper that the new requirements will take effect from July 2021.

Currently, all stages of opening accounts on cryptocurrency trading platforms in Thailand are performed remotely. Users can also submit identity documents electronically.

According to market participants, the AMLO initiative will slow the growth of the sector and limit the participation of foreign investors who do not have a Thai ID. Industry representatives plan to discuss this issue at the Digital Asset Operators Trade Association forum in order to start a dialogue with the regulator, according to the media.

According to the local Securities and Exchange Commission, from November 2020 to March 2021, the total trading volume of cryptocurrency exchanges registered in the country was $1.7 billion.

Recall that in February 2021, AtoZ Markets reported about the plans of the Thai authorities to develop requirements for investors opening accounts in digital assets.

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