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10 May 2021

Thailand’s New Cryptocurrency Regulation Requires Users to Be Physically Present to Open Accounts – Regulation Bitcoin News

Thailand’s New Cryptocurrency Regulation Requires Users to Be Physically Present to Open Accounts – Regulation Bitcoin News


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Crypto exchanges will be required to verify users’ identities using a machine that requires the customers to be physically present.

The Thai Anti-Money Laundering Office (Amlo) has announced that starting in July “local digital exchanges must verify their customers’ identities through a ‘dip-chip’ machine that requires clients to be physically present,” the Bangkok Post reported.

To approve a new account, exchanges must ensure that the documents submitted by customers comply with the regulations set by the Thai Securities and Exchange Commission (SEC) for the know-your-customer (KYC) process and suitability test.

Furthermore, the documents must also be verified by relevant government agencies.

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