According to reports, the Thai government has imposed new cryptocurrency requirements. Encrypted transactions will be performed using machines that require the customer’s personal presence to verify the user’s identity.

Thailand’s new encryption rules

Thailand’s Anti-Money Laundering Agency (Amlo) announced that, starting in July, “local digital exchanges must verify their customers’ identities through’immersion’ machines that require customers to be present,” the Bangkok Post reported.

Currently, the account opening process of the cryptocurrency exchange is completely online. To approve a new account, the exchange must ensure that the documents submitted by the customer comply with the regulations set by the Securities and Exchange Commission of Thailand (SEC) for the Know Your Customer (KYC) process and suitability test.

In addition, these documents must be verified by relevant government agencies. If a customer submits a false document or lives in a country/region that prohibits cryptocurrency transactions, the application will be rejected.

Poramin Insom, co-founder and director of the crypto trading platform Satang Corp. explained:

All obligations for digital asset transactions to report any transaction worth more than 1.8 million baht [$58,000] According to the money laundering law, a database must be established for inspection by regulatory agencies.

The Anti-Money Laundering Law came into effect in 1999 and requires entities and legal professionals (such as investment consultants and real estate brokers) operating financial businesses to report any transactions that meet their requirements. They must also retain documents and transaction data as evidence for 5-10 years.

In addition, about 6,000 gold shops across the country will require customers to show their ID cards when buying or selling cash worth more than 100,000 baht.

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However, Watson Heng CEO Thanarat Pasawongse (Thanarat Pasawongse) explained that due to convenience, most large gold shops have used immersion chip machines to verify the identity of customers for four to five years. .

Generally, for customers whose cash transaction amount exceeds 100,000 baht, their ID must be presented. For transactions worth more than $2 million, a report must be submitted to Amlo, and the operator must report any “suspicious” transactions to the authorities.

What do you think of the new ID verification requirements for opening encrypted accounts in Thailand? Let us know in the comments section below.

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