Thailand's new cryptocurrency regulations require users to be physically present to access accounts.

The Thai government reportedly introduced a new cryptocurrency requirement. Crypto exchanges are needed to authenticate users using a machine that requires clients to be physically present. New Crypto Rules in Thailand Thai Anti-Money Laundering Authority (Amlo) announced from July that "local digital exchanges will need to authenticate their customers through a chip machine electronics that requires customers to be physically present." Bangkok Post reported. Currently, opening an account on crypto exchanges is done entirely online. To certify a new account, exchanges must ensure that the documents submitted by clients comply with the Thai Securities and Exchange Commission (SEC) regulations to recognize your client process. (KYC) and compliance testing. Documents must also be verified by the relevant government agencies. The request will be denied if the client presents false documents or resides in a country where cryptocurrency trading is prohibited Poramin Insom, co-founder and manager of the co-crypto trading platform Satang Corp., explained: Digital asset exchanges have a duty to report any transactions of greater value. e Must have more than 1.8 million baht [$ 58,000] under the Money Laundering Act and have a range of databases. for inspections. by regulators. The anti-money laundering law came into force in 1999 and requires organizations operating financial companies, such as investment advisors and real estate agents, and legal professionals to report any transactions that meet the requirements. In addition, they must keep their documents and transaction records for 5-10 years as evidence. In addition, around 6,000 gold shops across the country will require customers to present their ID when buying or selling gold worth over 100,000 baht. However, Thanarat Pasawongse, general manager of Hua Seng Heng, explained that most large gold shops are already using a four-ton chip machine to authenticate customers.

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