The Thai government has decided that all new crypto accounts must verify their identity through a “dip-chip” that requires a physical presence.
The Anti-Money Laundering Office in Thailand is coming up with a drastic change for cryptocurrency trading and traders identification. This is evidenced by the latest announcement that all crypto exchanges must switch to a new client authentication system via a “dip-chip” device.
The “dip-chip” device can thus significantly affect the interest in registering on these exchanges, as it requires the physical presence of clients.
The co-founder and director of Thailand’s most trusted cryptocurrency platform Satang also commented on the situation, confirming that the “dip-chip” will be required from September this year.
Most digital asset exchanges are still busy preparing their systems to accommodate the growing number of clients as new account applications continue to flow in. However, this growth may be curbed if the application process becomes more complicated,Poramin Insom
According to data released by the Bangkok Post, a total of 697,780 cryptocurrency accounts were registered across the country as of April 26 this year. Thailand has seen a huge increase in this direction, especially this year, when 160,000 new crypto accounts have been added since the beginning of the year.
Crypto operators therefore disagree and plan to discuss the matter at a forum organized by the Thailand Digital Asset Operators Trade Association. In this way, digital asset intermediaries also want to achieve further discussion with government entities such as the SEC and Amlo.