ID check required for new crypto accounts
‘Dip-chip’ machine to be used from July
Opening of new cryptocurrency accounts may slow in the second half of this year as the Anti-Money Laundering Office (Amlo) announced local digital exchanges must verify their customers’ identities through a “dip-chip” machine that requires clients to be physically present.
The dip-chip requirement comes into effect in July, said Poramin Insom, co-founder and director of Satang Corp.
As of April 26, there were 697,780 cryptocurrency accounts nationwide, a surge from 160,000 at the end of last 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…
