Connect with us


Thailand requires in-person registration for cryptocurrency



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

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:

Phuket2 mins ago

Phuket officials once again report finding no human trafficking on fishing boats

Thailand6 mins ago

South Korea increases quota of Thai workers next year

Tourism7 mins ago

Indian pervs arrested after harassing tourist in Mumbai

Sponsored7 hours ago

Go global with Upbit Thailand: Worldwide digital asset market in your hands

Vietnam35 mins ago

Province in Vietnam boosting tourism with its rich culture

Thailand45 mins ago

Teen girl’s ID card request denied as she doesn’t look like her mother

Crime1 hour ago

Body of missing woman found tied to water pump in western Thailand

Join the conversation on the Thaiger Talk forums today!
South Korea1 hour ago

NZ suitcase murders go to court

Thailand2 hours ago

Chinese gangs in Thailand take another hit as “Tony” falls

Pollution2 hours ago

Environmental police arrest 7 over illegal dumping in Bangkok

Crime2 hours ago

Pattaya Police warn city’s taxi riders to behave after sexual assault case

Press Room2 hours ago

Thai-Italian Business Summit highlights the importance of a shared vision

Thailand3 hours ago

Percentage of HIV infections rising among young Thais

Tourism3 hours ago

TAT launches luxury travel package to Thailand for rich South Korean tourists

Lifestyle3 hours ago

Check Thai lottery result 1 December 2022

Thailand3 hours ago

Unexploded MK-82 bomb found in Songkhla forest

Thailand1 year ago

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

Thailand2 years ago

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

Tourism2 years ago

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

Phuket2 years ago

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

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

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

Tourism2 years ago

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

Thailand2 years ago

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

Thailand2 years ago

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

Thailand2 years ago

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

Thailand2 years ago

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

Thailand2 years ago

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

Thailand2 years ago

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

Thailand2 years ago

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

Thailand2 years ago

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