New financial regulations in Thailand will tighten the requirements for new account opening at crypto asset exchanges. The country’s Anti-Money Laundering Office has announced that from September 2021, crypto exchanges must verify new customers’ identities in-person using a “dip-chip” machine. Currently, new customers can verify their identities with crypto exchanges by submitting documents online. However, from September, customers will need to be physically present for the verification process so that dip-chip machines can scan the chip embedded in Thai citizen ID cards. The new rules may also prevent foreign investors — who are unable to obtain Thai ID cards — from accessing exchanges in the country. The tightening of regulations comes as crypto assets are surging in popularity in Thailand, with the number of accounts with Thai crypto exchanges rising from 160,000 at the end of 2020 to nearly 700,000 at the start of May 2021.
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