4 ways Thailand is getting stricter on crypto

4 ways Thailand is getting stricter on crypto — and why it might be too much

Scott Melker outlines Thailand’s recent updates to crypto wallet regulations.

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We got Thailand titans crypto rules with five-year data retention and self- custody wallet checks, right?

So what’s happening here is they’ve finalized their digital asset travel rule.

And so now regulated crypto businesses must collect information about senders and recipients, transmit that information with transfers, conduct due diligence on other service providers, retain transaction records for at least five years.

So, why does that matter? If you have a self- custody wallet and you actually want to off ramp or send the money to an exchange,

that exchange now has to identify you KYC every single transaction, every single self- custody wallet, identify who it is, keep records for five years, literally impossible.

What are we doing here? This is way too strict. This is not the kind of regime that’s going to work and it’s literally impossible even if they wanted to do it.

Right? I mean, your wallet can remain self-hosted here, but uh they just want to know your name, transaction history and five years of references.

for for the job. Right? I mean, their blockchain may be permissionless here, but the on on ramp increasingly is coming with more paperwork and scrutiny.

Source: finance.yahoo.com