How much KYC do you need to KYC???

almost 3 years ago

The government of Thailand made the decision recently to tighten its KYC procedure. This decision was made by the countries Anti-Money Laundering Office.

This rule set to be put in place in July will include an in-person verification before a crypto account can be created.

This in-person verification will involve the use of the 'dip-chip machine' which scans the chip inside the Thai ID card.

This means that an individual not in possession of a Thai ID card would be unable to complete a KYC registration for a crypto exchange.

If you're wondering what in the world is a KYC, I'll do the honors of breaking it down for you.

What in the world is a KYC?

A KYC is short for 'Know Your Client' or 'Know Your Customer'.

It is a verification done by individuals where link their identity to a crypto wallet before they can make use of it.

Typically exchanges require your contact information, alongside a selfie of you holding your valid ID (which is in most cases your passport), and sometimes even your proof of address.

These details are required by crypto exchanges to limit the risks and possibility of money laundering and fraud, and determine if the client is legal enough to be permitted assess to their exchange.

While this procedure comes against the anonymity of cryptocurrency exchanges, a customer with no illegal intentions shouldn't have to bother about this.

However, with proper research, you can find some exchanges that do not require KYC registration.

Although the use of the dip-chip machine for further KYC verification in Thailand is unofficial, it makes you wonder how difficult this decision, if put into practice, will make the lives of future clients.

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