The Thai government has reportedly imposed a new cryptocurrency requirement. Crypto exchanges will be required to verify users’ identities using a machine that requires the customers to be physically present.

Thailand’s New Crypto Rules

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.

Currently, the account opening process at crypto exchanges is done entirely online. 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. The application will be rejected if the customer…

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Source: https://news.bitcoin.com/thailands-new-cryptocurrency-regulation-requires-users-physically-present-to-open-accounts/