In Thailand, traders will be required to confirm accounts on crypto exchanges in person

Opening a new account on the cryptocurrency exchange in Thailand will become more difficult in the second half of this year. As reported by the Bangkok Post with reference to the Anti-Money Laundering Service (Amlo), in July, new requirements will come into force, according to which users of trading platforms will have to pass verification using the "dip-chip" technology, requiring their personal presence. As of April 26, there were 697,780 cryptocurrency accounts in Thailand, compared to 160,000 at the end of last year.

"Most digital asset exchanges are still preparing their systems to serve a growing number of customers, while new applications for opening accounts continue to arrive. However, this process may be slowed down if it becomes more difficult to open new accounts, " said Poramin Insom, co-founder and director of Satang, Thailand's oldest regulated crypto exchange.

Representatives of the digital asset industry plan to discuss the procedure for further actions at the forum with the support of the Association of Digital Asset Trading Operators of Thailand, after which they will contact Amlo and the Securities and Exchange Commission.

As in other countries, the opening of accounts on cryptocurrency exchanges in Thailand is now carried out electronically, including the submission of an application and identity verification. Subsequently, the data provided is checked against official databases, and if discrepancies are found, the client is refused to open an account. In addition, exchanges must notify the responsible authorities of any transactions exceeding 1.8 million baht ($58,000), and provide user information for review by regulators. Similar controls are already in place for the purchase and sale of gold for cash in excess of 100,000 baht ($3,200).