Financial regulators in Thailand are preparing to tighten restrictions surrounding new account creation at crypto asset exchanges.
According to a May 3 report from Bangkok Post, the country’s Anti-Money Laundering Office (AMLO) announced that as of July, crypto exchanges must verify the identities of new customers in-person using a “dip-chip” machine.
While new users can currently verify their identities with crypto exchanges by submitting documents online, the dip-chip machines will scan a chip embedded in Thai citizen ID cards, requiring customers to be physically present for the verification process. The new rules may also prevent foreign investors — who are unable to obtain Thai ID cards — from accessing exchanges in the country.
Lawmakers also appear keen to apply the same regulations for gold sales worth more than 100,000 THB (roughly $3,200). Some gold merchants located in the country’s capital, Bangkok, already use dip-chip machines for identity verification….
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