Thai authorities want to complicate KYC verification for crypto exchanges? The Thai authorities have taken seriously the verification of user accounts of cryptocurrency exchanges. They said they intend to introduce stricter KYC rules with "in-person presence", thereby significantly limiting the creation of new accounts. Anti-Money Laundering Local Authority AMLO will force cryptocurrency exchanges, starting in July, to carry out a detailed verification of customers' identities using a machine with a DIP chip. According to the department, such a function will allow scanning the chip with which the identification cards of Thai citizens are equipped, which will require the client to be physically present during the check. One of the main reasons for the emergence of stricter amendments was the rapidly increasing number of accounts on cryptocurrency trading platforms. From 160,000 customers in December 2020, it has grown to 700,000 as of today. This jeopardizes at least the presence of foreign investors on local cryptocurrency exchanges due to the banal absence of an ID card. Not to mention the impossibility of some of them in person during the KYC verification process. While some gold sellers in Bangkok are already using microprocessor machines to verify their identity, legislators want to apply the same requirements to cryptocurrencies. One of the restrictions may be the requirement to verify the identity of the client when purchasing digital currencies in the amount of 100,000 Thai baht or 3206 dollars. At least these are the limits for gold sellers in Thailand. CEOs of large cryptocurrency companies worry that new laws will simply stifle the country's nascent industry. The director of the Satang exchange said that most of the marketplaces are trying to prepare systems for the growing number of clients. However, if lawmakers make the checks more stringent, the process of processing applications will become as complex as possible and they will not be able to meet customer demand. Therefore, the Thai Trade Association of Cryptocurrency Operators intends to conduct a dialogue with local regulators, including AMLO and SEC. Representatives of other cryptocurrency exchanges have not yet commented on the new format of checks, having taken a wait-and-see attitude until the adoption of amendments to the legislation. Subscribe to our Telegram, Twitter and Facebook to be the first to know the news of cryptocurrencies!