Connect with us

Economy

Thailand requires in-person registration for cryptocurrency

Neill Fronde

Published

 on 

FILE PHOTO: Digital decentralized cryptocurrencies will require centralized in-person registration in Thailand.

Thailand has launched new regulations for anybody opening a cryptocurrency account that requires physical registration and forbids online setup. The Anti-Money Laundering Office created this rule that goes into effect in September 2021 in an effort to reduce money laundering, a practice that plagues crypto. People registering a cryptocurrency account in Thailand will be required to scan their Thai ID card and submit identifying documents in person.

The registration will involve a machine referred to as a “dip-chip” that has been used for gold traders in the past. The system essentially registers all people in the trading system and has been successful in the gold trading industry to manage customer relations and increase security.

Critics point to a violation of privacy, and a complication of registration and trade of crypto that will slow adoption and usage in Thailand. Others argue that the point of crypto was to create a decentralized digital system, something in-person centralized registration directly contradicts. Crypto accounts in Thailand have grown from 160,000 accounts last year to 700,000 this year, but the majority of accounts have been opened online so these new regulations are expected to dramatically slow the growth of Thai crypto.

Thailand is not alone and their push to add heavy regulation to avoid money laundering and other illegal activities via cryptocurrencies. Turkey recently joined countries like Bolivia, and India in imposing drastic regulation. In February, Nigeria banned the use of cryptocurrencies sparking huge outrage in Nigeria and around the world, as the country had been second only to the United States in cryptocurrency usage.

While crypto exchanges and related industries have been fortifying and expanding their systems to handle the huge influx of new cryptocurrency users, the new in-person regulations are expected to severely hamper the growth by creating a process so complicated that it drives away people curious about the emerging currencies.

SOURCE: Be In Crypto

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forums
🔔 Subscribe to our daily email newsletter
📺 Subscribe / Join YouTube for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Neill is a journalist from the United States with 10 years broadcasting experience and national news and magazine publications. He graduated with a degree in journalism and communications from the University of California and has been living in Thailand since 2014.

Follow Thaiger by email:

Thailand49 mins ago

Facebook page that claims to sell dog meat met with scorn on social media

Thailand2 hours ago

Thailand welcomes its first AI influencer, “AI Ailynn”

Thailand3 hours ago

Umbrellas out, more monsoonal rain in the wake of ‘Dianmu’

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Thailand3 hours ago

Sunday Covid update: 125 deaths and 12,353 new cases

Thailand13 hours ago

Record-breaking 1 million Covid-19 vaccines given yesterday

Technology15 hours ago

Junk messages must now be blocked by Thai mobile carriers

image
Join the conversation on the Thaiger Talk forums today!
Kanchanaburi17 hours ago

Abusive Kanchanaburi temple rehab centre ordered to close.

Phuket18 hours ago

Phuket begins new subdermal injection method for vaccines

Bangkok19 hours ago

Police bust hotel party with ecstacy and ketamine, 59 arrested

Coronavirus (Covid-19)20 hours ago

Phuket Covid-19: 5 new deaths and 4 new Sandbox infections

Thailand21 hours ago

Saturday Covid-19 Afternoon Update: full provincial totals

Phuket23 hours ago

Phuket man finds 30 million baht surprise on beach: “whale poop”

Malaysia1 day ago

Transgender who fled to Thailand faces extradition to Malaysia

Coronavirus (Covid-19)1 day ago

Saturday Covid-19 Update: 11,975 infections, 127 deaths

Thailand2 days ago

Thailand News Today | Nov 1 reopening proposed; arrest for “sexy” officer cosplay | September 24

Tourism4 days ago

Travel data to Thailand for 106 million people unprotected online

Economy6 days ago

Cuts to import duty on alcohol, cigars, part of plan to entice wealthy foreigners

Crime5 days ago

OnlyFans content creators arrested by Thai police on pornography charges

Thailand5 days ago

Party at luxury villa in Phuket raided, homeowner allegedly assaults police officer

Coronavirus Vaccines6 days ago

Doctors say cardiac arrest caused death of man given AstraZeneca booster shot

Coronavirus (Covid-19)7 days ago

Covid-19: Detailed info on vaccinations, hospitalisations, and provinces

Thailand6 days ago

Around 20 people arrested at Koh Samui restaurant for drinking alcohol, gambling, playing pool

Bangkok5 days ago

Governor says Bangkok will only re-open when safe to do so

Thailand5 days ago

Bangkok re-opening Criteria, Thai Airways keeps Struggling | Good Morning Thailand | Episode 93

Phuket3 days ago

Police suddenly began raiding Patong bars selling alcohol

Pattaya4 days ago

October Pattaya reopening on schedule according to mayor

Crime4 days ago

Ex-cop “Joe Ferrari,” other officers charged with violating discipline policy over suspect’s death

Thailand6 days ago

Morning Top Stories | No approved October re-opening, Phuket easing restrictions | September 20

Phuket7 days ago

Phuket domestic travel rules need streamlining, officials discuss

Thailand5 days ago

Government warns that posting pornographic material is illegal following OnlyFans creator being questioned by police

Thailand2 weeks ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand7 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism7 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket7 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism7 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand7 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism7 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand8 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand8 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand8 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand8 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand8 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand9 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand9 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand9 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending