Regulations continue! The government in Thailand will tighten the method of authentication, which will greatly complicate the situation, especially for cryptoexchanges in this state, where we have seen a large increase in volumes within cryptocurrencies in recent months, as we have informed you in several articles. With this unexpected change came the Money Laundering Authority of Thailand, which announced that all cryptoexchanges in the country must switch to this new authentication system called “dip-chip”.
This device can quite significantly affect the overall interest of people in cryptocurrencies in this state. Wondering why? This device requires a physical presence at registration, and even after this announcement, the crypto world is once again becoming less decentralized. Poramin Inson, co-founder and director of the Satang crypto platform, also decided to comment on the situation. He is very popular in Thailand and even described as a pioneer in the field of cryptocurrencies in the state, as evidenced by the fact that Satang is described as the most trusted crypto platform. However, he also confirmed that the “dip-chip” will be used in the country from September this 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 complicated.”
– Poramin Inson
Of course, the decision has also met with resistance, and influential people in the state in the area of cryptocurrencies plan to discuss the issue at a forum organized by the Thai Digital Assets Association. This way, they want to work on further discussion with government entities such as the SEC and Amlo.