In-Person ID Check To Become Mandatory For Bitcoin Exchange Users In Thailand
Thailand is reportedly preparing to mandate in-person, “dip-chip” AML verifications before opening local bitcoin exchange accounts.The government of Thailand will require local cryptocurrency exchanges to verify their customers’ identity in person using a “dip-chip” machine that registers identification cards.The country’s Anti-Money Laundering Office (AMLO) will be instituting in September, according to the Bangkok Post. "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," said....
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Bank of Thailand warns people against Bitcoin, saying it is electronic data and shouldn't be used as a currency. In the long list of countries shedding their light upon Bitcoin, Thailand seems to be one of the countries that doesn't know whether it should love or hate the virtual currency. Last month, the Bank of Thailand allowed the country's largest Bitcoin exchange site to resume operations. Bitcoin.co.th was forced to shut down in August last year, after Bank of Thailand ruled that the using and trading of cryptocurrencies was illegal. In February this year, the exchange was allowed to....
Bitcoin trading has resumed in Thailand. Photo via Doug88888. The last piece of Bitcoin news that people probably remember getting out of Thailand was when everyone thought they were the first country to ban the cryptocurrency. Although the official statement from the Foreign Exchange Administration was not actually a ban on the cryptocurrency, many people around the world understood that the statement about illicit activities related to Bitcoin was probably not good. It seems that regulation in Thailand is about to move in the opposite direction as the Bank of Thailand decided the....
Thailand based bitcoin exchange Bitcoin.co.th has relaunched as a full exchange after months spent offline and in testing, with a focus on security and ease of use, according to its founders. That Thailand has open exchanges at all is significant, given the country's ongoing reputation in some media as a bitcoin-unfriendly jurisdiction. Bitcoin.co.th went offline in July last year after the Bank of Thailand supposedly indicated that bitcoin was not legal. The central bank then suggested in March that bitcoin was risky but not necessarily illegal in the country, opening the door to....
Bank of Thailand’s officials say that using cryptocurrency as a means of payment is not illegal. However, they added that users “must be able to accept the risks,” including price fluctuation.
Using Crypto to Pay for Goods and Services Is Not Illegal in Thailand
Sakkapop Panyanukul, senior director at the Bank of Thailand (BOT)’s Monetary Policy Department, clarified the central bank’s cryptocurrency stance this week.
He explained that the Bank of Thailand is currently discussing how to regulate cryptocurrency with the Thai....
After getting in hot water with U.S. regulators last year, the exchange has rolled out mandatory verification for all users.