Thailand

Thailand’s SEC Introduces Strict KYC Requirements

As the countries around the world continue to tighten their noose around crypto regulations, Thailand has announced a toughened digital assets’ related policies. Under the new policy of know-your-customer, the user would be required to be physically present during the government verification process.

The local media reports suggested that Thailand’s financial watchdog asked all the local and digital currency exchanges to follow the verification process for new customers. Poramin Insom, the co-founder and director of Satang Corp, stated that the new KYC would take effect later this year in September.

The Bangkok Post reported Insom saying that most digital asset exchanges are currently busy scaling up their operations to cope with the rising number of clients. Still, if the verification process is made complicated, it would directly affect the growth in users.

The new regulations come as Thailand recorded a record surge in the growing interest around digital currencies, with an official number suggesting that as many as 700,000 new accounts were registered in April alone. Besides that, a growing number of retailers are now eager to start accepting digital assets.

On the other hand, after the country’s SEC allowed Thailand’s most prominent platform, Bitkub, to resume accepting new accounts, crypto trading is experiencing a renaissance in the Asian country. Previously in February, the Thai SEC halted the crypto exchange to halt new registrations following nearly three outages. Reportedly, since its launch in 2018, Bitkub has received more than one million applications.

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