Users of crypto exchanges in Thailand will be required to undergo enhanced verification

04.05.2021 |

Thailand’s financial supervisory authorities intend to introduce mandatory verification for all users of cryptocurrency exchanges located in the country. Currently, new users only need to send documents for online verification and full access to all functions of exchanges is granted.

However, regulators propose to strengthen controls. To do this, exchanges will have to scan the chips in the identity cards of citizens of the country. And this, in turn, will force future buyers of cryptocurrencies to come to the physical offices.

Regulators were prompted to such drastic measures by a sharp increase in customers of cryptocurrency exchanges. If at the end of last year the share of those using digital assets was only 160 thousand people, only for four months of this year this figure increased to 700 thousand active investors.

Although the industry recognizes the need to combat money laundering, but believe that the need for the physical presence of future customers in the office of the company will significantly slow down the development of the industry. In addition, all non-Thai residents will not be able to trade on local exchanges - they simply do not have a local identity card with a digital chip to pass the new registration procedure.