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Thailand Scraps Plans to Tax Bitcoin, Crypto Transactions

Thailand set to tighten rules for opening new accounts at crypto exchanges

Starting July, AMLO will require all exchanges to use dip-chip machines for identity verification. This move will need all users that want to open digital accounts to visit exchanges physically. Players in the Thai crypto space believe this change will inhibit the growth of the nascent sector. Thailand’s financial watchdogs are gearing up to introduce new policies that will require crypto exchanges to verify the identities of new users in person. The country’s Anti-Money Laundering Office (AMLO) will mandate exchanges to use a dip-chip machine for identity verification starting July 2021. Reportedly, dip-chip machines scan a chip integrated into Thai citizen ID cards.

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