New Thailand Crypto Regulations Force In-Person KYC yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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.
May 3, 2021
Thailand is reportedly preparing to mandate in-person, âdip-chipâ AML verifications before opening local bitcoin exchange accounts.
The government of Thailand will require local cryptocurrency exchanges to verify their customers’ identity in person using a “dip-chip” machine that registers identification cards.
The country’s Anti-Money Laundering Office (AMLO) will be instituting in September, according to the Most digital asset exchanges are still busy preparing their systems to accommodate the growing number of clients as new account applications continue to flow in, said Poramin Insom, co-founder and director of local exchange Satang Corp. However, this growth may be curbed if the application process becomes more complicated.”
DSI freezes land assets worth B86m in fraud probe bangkokpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bangkokpost.com Daily Mail and Mail on Sunday newspapers.
SEC issues warning on Binance s legality
published : 7 Apr 2021 at 04:00
The Securities and Exchange Commission (SEC) is warning investors that Binance, an international cryptocurrency exchange based in Malta that accepts Thai baht deposits, is illegal in Thailand and has called on the company to open a dialogue with the regulator. We [SEC] would like to inform that Binance is not yet a licensed digital asset operator under the Digital Asset Business Decree BE 2561 [2018]. People and investors must use caution if persuaded to exchange digital assets, accept deposits, transfer, withdraw funds or conduct digital asset transactions, the commission said.
Assistant SEC secretary-general Archinee Pattamasukhon said the regulator had sent a letter to Binance and relevant parties to clarify certain information about the company.