According to reports, Thailand’s government has placed a new digital currency regulation. Users’ identification would have to be checked by crypto exchanges via device that needs them to be physically present.

Thailand’s Latest Crypto Legislation

According to the Bangkok Post, the Thai Anti-Money Laundering Office (Amlo) has declared that local digital platforms must check their users’ identity via a ‘dip-chip’ scanner that demands users to be physically present. This regulation has been set to begin in July.

As of now, the procedure of creating a crypto wallet is completed completely online. Marketplaces must verify that the data provided by users conform with the Thai Securities and Exchange Commission’s (SEC) rules for the know-your-customer (KYC) procedure and appropriateness check before approving a new account.

In addition, the information must be checked by appropriate government departments. If the user sent forged certificates or lives in a nation where digital currency trading is prohibited, the application would be denied.

Poramin Insom, co-creator and director of Satang Corp., a cryptocurrency exchange, clarified:

Digital asset exchanges have a duty to report any transaction worth over 1.8 million baht [$58,000] under the money laundering law, and must set up a database for inspections by regulators.

The Anti-Money Laundering Act, which went into effect in 1999, allows financial institutions and legal professionals, like investment advisors and real estate brokers, to disclose any activity that meets the Act’s criteria. They must still retain paperwork and transaction details for a period of 5 to 10 years as proof.

Users may also be required to display their ID cards when purchasing or selling gold valued more than 100,000 baht in cash at approximately 6,000 gold shops around the country.

Nevertheless, Thanarat Pasawongse, the CEO of Hua Seng Heng, clarified that most major gold stores have been using dip-chip devices to check customers’ identity for four to five years because it is more efficient.

Shoppers must display their ID cards for cash purchases above 100,000 baht in general. For payments of more than $2 million, a document must be lodged to Amlo, and business owners must notify all potentially malicious payments to the regulator.


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