Thailand to tighten restrictions on people who want to trade digital currencies

[webfact]

REUTERS FILE PHOTO for reference only

 

Financial regulators in Thailand are set to tighten restrictions on people who wish to buy and sell digital currencies.

 

Starting in July, cryptocurrency exchanges must verify the identities of all new customers in person using a ‘dip machine’, according to regulations outlined by Thailand’s Anti-Money Laundering Office (AMLO).

 

While cryptocurrency exchanges can already verify users by requesting they submit identification documents, the dip machines work by scanning a microchip in the ID card of the person signing up for an account. 

 

This means the person needs to be physically present during the registration process, the Siam Blockchain site reported.

 

It is also not clear what the new requirements will mean for foreigners who do not have a Thai  ID card but who wish to trade crypto via an exchange in Thailand.

 

Dip chip machines are already used by some gold merchants in Thailand for when trading large amounts of gold. But now regulators want to also want the machines to be used for all gold sales of more than 100,000 baht.

 

The news comes as the trading of crypto currencies has surged in Thailand in the last six months,

 

As of the end of 2020, there were round 160,000 accounts registered on Thai crypto exchanges. However, by the end  April 2021, there were 700,00 account registered.

 

-- © Copyright Thai Visa News 2021-05-03

 

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[Pedrogaz]

Don't invest in what you don't understand. 

[Caldera]

This looks quite a bit redundant to me. Thai crypto exchanges already require their users to link a Thai bank account, so besides their online verification using uploaded documents, you also need to have a Thai bank account in the same name. And guess what, to open such a bank account, you had to go to the bank in person with original ID documents in hand.

[ndreamer]

27 minutes ago, Caldera said:

This looks quite a bit redundant to me. 

I have done Kyc twice in less then a year on Bitkub, all the questions, selfies and things goes well beyond most other exchanges and even banks already. 

[worgeordie]

How many Cryptocurrencies are there now ? ???? oops there's another one.

regards  Worgeordie

[TigerandDog]

Using a "dip" machine could go a long way to reducing the number of foreigners from registering as new investors on Thai platforms, even if they have a pink ID card, as they don't have a microchip to scan. So if they cease allowing passports as proof of ID for foreigners, then there'll be no new foreigner registrations on Thai platforms.

[connda]

8 hours ago, webfact said:

But now regulators want to also want the machines to be used for all gold sales of more than 100,000 baht.

????

5 hours ago, Pedrogaz said:

Don't invest in what you don't understand. 

They are going after gold too. 
Hear that?  That's the sound of an economic avalanche coming down the mountain, and the folks who are addicted to spending other people's money want "more, more, more" to spend as well as to shore up the massive cracks in the economic dikes caused by a public as well as banks and governments addicted to massive DEBT. 

[jack71]

20 hours ago, Pedrogaz said:

Don't invest in what you don't understand. 

Such a dumb comment. Up there with Buffet calling bitcoin rat poison. Why would you even bother to contribute to this thread....

[jack71]

15 hours ago, connda said:

????

They are going after gold too. 
Hear that?  That's the sound of an economic avalanche coming down the mountain, and the folks who are addicted to spending other people's money want "more, more, more" to spend as well as to shore up the massive cracks in the economic dikes caused by a public as well as banks and governments addicted to massive DEBT. 

I couldn't agree more. What about all the thais laundering money via the unregulated gold market. 

[2009]

Many overseas stock brokers are offering crypto trading now. Swissquote is an excellent one for expats in Thailand.

 

Makes sense to keep your stocks and crypto together and OUT OF THAILAND (Uncle Sam).

 

Sure they won't be "in your own wallet" or Trezor...but don't you trust your own stock broker? We ain't talking about keeping your coins on some dodgy crypto exchange anymore. Crypto is mainstream now.

[Heng]

OK, so we'll just trade outside of your jurisdiction.   

[jack71]

1 hour ago, Heng said:

OK, so we'll just trade outside of your jurisdiction.   

But how does one then sell and convert back to fiat if one wants to buy a house for example?

[AndyFoxy]

23 hours ago, Pedrogaz said:

Don't invest in what you don't understand. 

I don't understand it. But I do understand the 40K profit I've made in the last couple of months. 

 

That's all I need to understand.

[Heng]

5 hours ago, jack71 said:

But how does one then sell and convert back to fiat if one wants to buy a house for example?

 

I'm not sure if there is any way to discuss that in depth without sounding completely shady (all the while being completely legal of course).  ????

[jack71]

4 hours ago, AndyFoxy said:

I don't understand it. But I do understand the 40K profit I've made in the last couple of months. 

 

That's all I need to understand.

Brilliant. 

 

The same goes for a lot of people jumping into ethereum. Its poorly designed and thus having to go through many upgrades. Software bugs/ faults can easily occur and did in the past eg ethereum cryptokitties issue. If problems happen with ethereum 2 rollout you should see how much the price will tank. What they are doing is really complicated. Hey but Im still riding the price upwards and loving these on paper profits....