Thailand : Crypto Currency Trading

Crypto currencies are becoming ever more popular assets for part of the Thai population. Apparently a few million people opened accounts with crypto dealers, though when we asked around, most 'regular' people had never heard about it. The largest trading platform is offered by Bitkub (Bitkub Capital Group Holdings, in which Siam Commercial Bank recently acquired a 51 % stake, in a multibillion Thai Baht deal. The second in the market is Zipmex Company, which recently received financing from another major Thai bank : Bank of Ayudhya

We became interested lately in crypto currencies as an alternative investment (or rather speculation), and tried to register with the two above mentioned entities.

Bitcoin representation. Image courtesy : QuoteInspector.com

We did not succeed in our endeavours. Bot Bitkub and Zipmex were having too many requirements, which we simply could not respond to.

Both trading platforms ask for lots of personal information (which honestly they should not be allowed to acquire). It takes at least 20 minutes to answer all their questions. Only after you have gone through that effort, will you be told which 'documents' you need to provide to complete your registration.

We managed to provide a lot of documents for Bitkub, until we were asked to provide a tax invoice and/or prove of tax payments (where ?). Being a retiree the last few years, we could not provide this requirement. Maybe crypto currency trading is not suitable for retired people, who knows ?

Siam Commercial Bank acquired a majority stake in Bitkub Capital Group Holdings

We went through the same question list at Zipmex (looked like both companies use the same software to acquire the data). Here we were just overwhelmed by the whole process. One has to juggle between PC and mobile phone to fulfil all the requirements, which also involve providing pictures of identification documents, and even a picture of an approved non-immigrant visa in your passport. Not sure what went wrong, but the pictures I took were not accepted. We got the impression it was necessary to take a picture with a mobile phone or PC, while holding the required documents in hand in a way that they were focused and readable. We could not manage to do so, and gave up. By the way, it looks like it is not quite possible with Zipmex (and maybe also with Bitkub) to trade currency on a PC, forgoing any use of a mobile phone. But maybe we are wrong about this assumption.

For the time being, we will do without crypto currency trading. We may look to open an account abroad. Maybe it may be possible in the future to open an account with SBC to trade with Bitkub ? It has also been rumored that foreign trading platform are planning to enter the Thai market, which may open new possibilities.>

Additional comments : 1) The Bank of Thailand (wisely) has urged Thai banks to refrain from trading digital assets. 2) Plans have been developed to tax any profits made from selling digital currencies. 3) Maybe advertising for digital currencies will also be disallowed.