Opening a Crypto Account in Thailand

[MrStretch]

I've been debating opening a crypto account as it seems like a reasonable investment these days.

Has anyone opened one in Thailand?  I remember reading earlier that the Thai government was putting restrictions on crypto accounts, and I'm not really sure how to proceed and stay within the law, if there is one.

I'd be linking a Thai account to my crypto one, and am looking at crypto.com as my liaison program.

Your suggestions, experience and advice would be appreciated.

[Faz]

This may be of interest to you; 
https://www.bangkokpost.com/business/2109491/id-check-required-for-new-crypto-accounts

[Ubon2530]

I've only dabbled a bit as I don't think it's a reasonable investment. I've found Bitkub to be reliable.

It doesn't have that many coins or tokens, only established coins. So if you're looking to get into start up coins/tokens, then this isn't the place for you.

[thaifarmer]

you can try bitkub, bitazza, satang-pro, zipmex. My (thai) wife has a couple accounts. You can also open accounts on overseas sites like binance. She claims that now it is legal to do so.

I myself have a couple of wallets and play a bit with it (also to learn). 

In the past the government halted the opening of new accounts until (i think it was bitkub) had proven that the site was safe. 

[Ubon2530]

7 minutes ago, thaifarmer said:

you can try bitkub, bitazza, satang-pro, zipmex. My (thai) wife has a couple accounts. You can also open accounts on overseas sites like binance. She claims that now it is legal to do so.

I myself have a couple of wallets and play a bit with it (also to learn). 

In the past the government halted the opening of new accounts until (i think it was bitkub) had proven that the site was safe. 

The Thai government is suing Binance so I'd try to avoid that one

[Benroon]

https://coins.co.th/

Can you link a crypto account to a thai account - given there is a crypto banking ban in Thailand ?

Personally I think over time it will be regulated out of existence - but good luck.

[JTCarius]

44 minutes ago, Faz said:

This may be of interest to you; 
https://www.bangkokpost.com/business/2109491/id-check-required-for-new-crypto-accounts

Half of this useless article is about identity confirmation at gold shops.

Crypto exchanges have required ID's from foreigners in the form of passports and a clear picture of you holding that passport for several years now. If you are a Thai you use your Thai national ID.

The biggest local one for years that didn't have the government's claws on it was BX.IN.TH

They were in operation from 2013 to 2019. They had a good reputation and I made a pretty penny off of XRP with them but lost a few thousand U.S. dollars from a very small Dogecoin investment when it was selling for hundreds on the penny. My remaining 15 dollar Doge coin stash was too small to cash out when the exchange made the decision not to come under SEC regulation and eventually closed. That 15 dollar investment was worth a few thousand dollars earlier this year.

I am not an investment expert by any means but I do listen to guys like Peter Schiff and Max Keiser.

Crypto is too volatile. Too flakey.Like the stock market, it's a rich man's(billionaire's) game now. You are too late.

Invest in the tried and true, gold and maybe silver.Stocks? Maybe Moderna.

[JTCarius]

4 hours ago, MrStretch said:

I've been debating opening a crypto account as it seems like a reasonable investment these days.

Has anyone opened one in Thailand?  I remember reading earlier that the Thai government was putting restrictions on crypto accounts, and I'm not really sure how to proceed and stay within the law, if there is one.

I'd be linking a Thai account to my crypto one, and am looking at crypto.com as my liaison program.

Your suggestions, experience and advice would be appreciated.

Hardly reasonable, fellow Americano.

Land, gold, silver.

Maybe guns and tuna tins when poop hits the fan.

Edited August 18, 2021 by JTCarius

[JTCarius]

4 hours ago, Benroon said:

https://coins.co.th/

Can you link a crypto account to a thai account - given there is a crypto banking ban in Thailand ?

Personally I think over time it will be regulated out of existence - but good luck.

noob

[thaifarmer]

IMO crypto is the future. governments can regulate all they want. as long as there is a possibility to open up an account in another country, you are set. Even if that includes KYC (know your customer, ID required). You buy crypto there, and transfer it to your non-custodial wallet, on your phone or maybe a hard-wallet (piece of hardware, looks like a usb-mem-stick). Your local government will know nothing about it if you use a privacy based crypto like monero or arrr. 

Follow the news on crypto at crypto knowledgeable sites, not msm and you hear a different story than banks who are afraid they are already too late stepping in. They are interesting and very helpful groups on mewe/telegram-channels and more.

money borrowing/transfer->planet-wide/smart-contracts... this blockchain tech is till now unhackable (exchange-sites ARE hackable!).

note: again, this is all in my opinion only :-). then again, 2 trillion in this market tells something else.

[Ubon2530]

If I had a spare million Baht, I'd be riding the bitcoin waves. Wait 'till it crashes, buy a coin at 1 million and sell when it's 1.5 or higher. Rinse and repeat.

Alas, I don't have a spare million.

[JTCarius]

9 hours ago, thaifarmer said:

IMO crypto is the future. governments can regulate all they want. as long as there is a possibility to open up an account in another country, you are set. Even if that includes KYC (know your customer, ID required). You buy crypto there, and transfer it to your non-custodial wallet, on your phone or maybe a hard-wallet (piece of hardware, looks like a usb-mem-stick). Your local government will know nothing about it if you use a privacy based crypto like monero or arrr. 

Follow the news on crypto at crypto knowledgeable sites, not msm and you hear a different story than banks who are afraid they are already too late stepping in. They are interesting and very helpful groups on mewe/telegram-channels and more.

money borrowing/transfer->planet-wide/smart-contracts... this blockchain tech is till now unhackable (exchange-sites ARE hackable!).

note: again, this is all in my opinion only :-). then again, 2 trillion in this market tells something else.

Crypto appears to be useful for remittance payments. I remember seeing "Powered by Ripple" on an SCB ATM in Chiang mai last year.

I personally would never invest a significant amount in any cryptocurrency.

First you have these exchanges that still get hacked all the time.

Sure security has gotten better, but it is far from perfect. Places like Coinbase appear to insure your personal account . But not all exchanges do and you need to read the fine print even if they are regulated.

 Hackers are continually devising more sophisticated methods of penetrating the defenses of these exchanges. They are extremely enticing vector points for these people. It can be highly rewarding so hackers will put a lot of time and effort to plot an attack. 

You decide to keep your crypto assets off the exchange and on your phone, computer or some rinky dink battery powered  encrypted, glorified USB device like Ledger that is assembled in France (French electronics are great aren't they?) and made with Chinese chips.

Better hope you don't misplace your phone or your computer doesn't take a crap or get hacked.

All kinds of Phishing and social engineering attacks can still get your money.

So the safest way is to keep your private keys on a paper wallet right?

 Don't lose those like you lost your car keys last week. Because then it's kiss the farm good bye, baby.

OK, so you are a big dog. You decide to get that second mortgage on your house and go big with Bitcoin. You decide to trust Coinbase.They promise to fully insure your account.

But then.....China decides to PERMANENTLY shut down ALL of it's bitcoin mining bases ( a third of the crypto networks global processing power) to save electricity and promote it's own version of a digital RMB.

Then the whole cyrpto world ends up in a chaotic roller-coaster ride.

Call me old fashion, but I am a lot more cautious with my money.

BTW Monero sucks. Maybe it's great if you are some scumbag who wants to buy kiddie porn or do other illegal shit. Personally I WANT my transactions to be traceable. The tech is getting long in the tooth and if you thought you could be mr. sneaky and not pay taxes, the IRS now says it uses two companies that can track Monero transactions.

 

 

 

Edited August 19, 2021 by JTCarius

[JTCarius]

9 hours ago, thaifarmer said:

money borrowing/transfer->planet-wide/smart-contracts... this blockchain tech is till now unhackable (exchange-sites ARE hackable!).

 

 

Analysis

Someone Stole $600 Million in a Cross-Chain Hack

by

Timothy Craig

Aug. 10, 2021

Over $600 million is confirmed to have been taken, but the full extent of the damage is still unknown.

 

 

https://cryptobriefing.com/someone-just-stole-611-million-in-a-cross-chain-hack/

 

[thaifarmer]

JTCarius, this statement

"Better hope you don't misplace your phone or your computer doesn't take a crap or get hacked"

is IMO fear mongering. For every wallet you set up, there is a phrase, which you have to write down. in case of phone, wallet, pc crash etc, you can buy a new phone etc, downl the wallet again, and with the phrase, you kept safe, recover your crypto. Everyone in crypto knows this, so I am surprised you used this.

Ofcourse, you could loose the paper you wrote down your phrase, or you bankpass, or your bank could go bankrupt or....

and

"But then.....China decides to PERMANENTLY shut down ALL of it's bitcoin mining bases ( a third of the crypto networks global processing power) to save electricity and promote it's own version of a digital RMB."

Many of the bitcoin mining rigs, which were shutdown in china, pop up in the USA... 

I respect your opinion that you keep your money in "safer" places. That's up to you.

and

"BTW Monero sucks. Maybe it's great if you are some scumbag who wants to buy kiddie porn or do other illegal shit."

This should be starting with IN MY OPINION, in my opinion. Unless you are a judge and have proof for all monero users.

going later to analyse the article about the hack you posted.... 

Edited August 20, 2021 by thaifarmer

[thaifarmer]

17 hours ago, JTCarius said:

Analysis

Someone Stole $600 Million in a Cross-Chain Hack

by

Timothy Craig

Aug. 10, 2021

Over $600 million is confirmed to have been taken, but the full extent of the damage is still unknown.

https://cryptobriefing.com/someone-just-stole-611-million-in-a-cross-chain-hack/

As expected, NOT blockchain was hacked. A network hosting was. Although it shows that crypto is not yet out of the woods to be 100% safe working together with smart contract, crypto which you transferred to your own (non custodial) wallet is safe, out of reach of any bank/authority.

Again, get info from crypto knowledgeable sites, not main stream media. Do your own research for your own future freedom in finance instead of letting it being dictated by banks and/or authority (who are controlling most of main stream media outlets). Now you still have a choice. 

[JTCarius]

5 hours ago, thaifarmer said:

As expected, NOT blockchain was hacked. A network hosting was. Although it shows that crypto is not yet out of the woods to be 100% safe working together with smart contract, crypto which you transferred to your own (non custodial) wallet is safe, out of reach of any bank/authority.

Again, get info from crypto knowledgeable sites, not main stream media. Do your own research for your own future freedom in finance instead of letting it being dictated by banks and/or authority (who are controlling most of main stream media outlets). Now you still have a choice. 

As expected, you did not spend one minute trying to understand the link I posted in response to your naive statement:

 

On 8/19/2021 at 7:23 AM, thaifarmer said:

money borrowing/transfer->planet-wide/smart-contracts... this blockchain tech is till now unhackable (exchange-sites ARE hackable!).

 

The linked article explains this largest ever hack on Aug 10 was an attack on the ETH/ERC20 SMART CONTRACT feature.

The hacker exploited a flaw in the Defi application, Polychain Network that is a function built on ETH/ERC20 SMART CONTRACTS.

I can only assume your investing and cybersecurity practices are as equally sloppy as your reading comprehension.

This is why I listen to cryptocurrency investing masterminds like Peter Schiff or Max Keiser who have made tens of millions of dollars in crypto and have consulted others to do the same instead of some pimply face incel teenager living in his mommies basement chatting on Telegram.

 

8 hours ago, thaifarmer said:

is IMO fear mongering. For every wallet you set up, there is a phrase, which you have to write down. in case of phone, wallet, pc crash etc, you can buy a new phone etc, downl the wallet again, and with the phrase, you kept safe, recover your crypto. Everyone in crypto knows this, so I am surprised you used this.

Ofcourse, you could loose the paper you wrote down your phrase, or you bankpass, or your bank could go bankrupt or....

  The use of a backup passphrase and it's inherent dangers was implied in my mention of the dangers of  relying on a paper wallet containing your private keys.

The comparison between losing a backup passphrase on a piece of paper or stored on a usb stick to losing your "bankpass" connected to an insured bank account is asinine.

Suggesting to a group of largely middle-aged or senior citizen men, who are new to cryptocurrency (who maybe like myself are noticing their memory ability occasionally starting to falter) that they should rely on a passphrase or private key they keep themselves to secure their nest egg is irresponsible and stupid.

If you are new and want to play around with crypto keep your assets on an exchange that is regulated and insures not only the exchange but your personal account as well. When you withdraw or cash out it goes straight to your bank account in normal currency.

 

 

9 hours ago, thaifarmer said:

Many of the bitcoin mining rigs, which were shutdown in china, pop up in the USA... 

 

 

 A main reason a third of the global hash-rate processing power still comes from  Bitcoin mining "farms" in China and only 17% in the U.S  is because the massive amount of electricity required. Electricity is 11 times the cost on average for businesses in the U.S.

All the talk about the 500,000 miners from China looking for new homes in the U.S. and using renewable energy is just wishful thinking at this point.Texas is HOT. Not exactly an ideal place to relocate.

Many of the newer crypto currencies don't need to be mined, will never require such a gross waste of electrical power and will not be giant source of pollution.

The newer crypto coins have better features and transactions are quicker and more more efficient (like XRP).

It's 13 years later and who uses bitcoin to buy anything? Does it have an industrial use?

Bitcoin will die.

I'll stick with my guns and gold thanks.

 

 

 

 

 

 

 

 

 

 

[thaifarmer]

I made a screenshot of your post.... "Bitcoin will die". . Time will tell. I wish you luck with your investments.

Also noticed that we have different ideas and probably sources about what is going on in the crypto world. I leave it at that. Have given all the advice to other readers. Educate yourself.

 

[Silky8]

IMO, cryoto is the future and it won't be for everyone until it's much easier to adpat to.

The whole world is moving digital, and that's the reason Central Banks are creating their own Digital Currenceis (CDBCs), as ultimately all Cryptos will be interoperable with each other on blockchain technology.

If you're not clever enough to learn the intracies of it all, and rely on outside sources to decide for you, then it's probably not for you.

On the other hand, if you want to make wealth changing money, and understand that regulation will come to make it more secure, then start to learn from the insiders and not the main news outlets (as they are paid by Wall St banks etc to promote their fiat scam money printing business).

Older folk will obviously stick with the tried and trusted banks (yeah those safe havens who can't insure all your funds deposited with them) and have bail-in laws to protect them when they're greedy hands get caught out.

Any investment is a personal choice and committment, and everyone should do their own due dilligence and risk assess depending on their cirucmstances.

I'm sure the King of Thailand knows his stuff.....

https://www.bloomberg.com/news/articles/2021-11-03/crypto-exchange-becomes-newest-thai-unicorn-as-bank-buys-stake

Main Stream Media outlets are polluted from their paid owners/heirarchy and they print what they're told to. Follow the money trail and you will find who owns most of these TV/Radio/Newspaper corporations. Follow them at your peril when it comes to relaible financial sources of news.

Good luck to all whatever you choose is right for you.

[funkymunky]

The thing to do is find places that accept bitcoin as payment and trade bitcoin for other crypto coins to build up a wallet of different crypto and use your defi wallet qr to buy goods you dont want to withdraw once you fund the wallet that is the whole idea behind it. When you hear about these people selling x amount they are just buying something else like xrp lunc avax solana etc. If they change for dollars they pay heavy fees

[tommychris]

 

Report a bitcoin and other scammers to him if you have evidence and he will help you get your money refund as long as you still have receipts or other evidence of the payment you made to the scammer. NOTE :

Don't message me or <deleted content> if you don't have evidence.

 

Edited January 30 by BigHewer
Email address removed

[Cryptotalk]

 

 If you're considering opening a crypto account in Thailand, it's essential to ensure compliance with local regulations. While there have been some restrictions and regulations surrounding cryptocurrencies in Thailand, there are still legitimate options available.

One option to explore is using a platform that offers KYC (Know Your Customer) verified accounts. These platforms prioritize compliance with regulations and can help you navigate any legal requirements seamlessly.

Ensuring that your account is compliant with local laws and regulations. By opting for a KYC verified account, you can invest in cryptocurrencies with peace of mind, knowing that you're operating within the bounds of the law.

Additionally, it's a good idea to stay updated on any regulatory changes or developments in Thailand's crypto landscape to ensure ongoing compliance. If you have any specific questions or concerns, feel free to reach out to the customer support teams of these platforms for further assistance.

Investing in cryptocurrencies can be a rewarding endeavor, and with the right approach and adherence to regulations, you can navigate the process effectively. 

 

[DaveHuddlestone]

I was scrolling my instagram when I saw an advert for this f^ke investment platform called bitblender.me that promised a great return on investment after 4 weeks and since I was close to retirement I thought it would be a great decision to take not knowing these are sc^mmers that have ruined the lives of so many innocent and unsuspecting people. I fell into depression after losing $ 61 k  worth of Bitcoin because I did not know where to even start as I was actually close to retirement.  It was my lawyer that noticed how I was keeping to myself and then decided to pay me a visit and when I finally told him what had happened he told me to be rest assured that the bitcoin I sent were recoverable. That is when he told me of Refund Policy a team of professional hackers that does his law firm’s cyber security. At first I was hesitant to contact Refund Policy but I am glad I later did because it was like magic how they helped me recover all the $ 61 k worth of bitcoin I had sent to the sc^mmers. I thank my lawyer for telling me of Refund Policy and I will forever be grateful because if not for them I might have just taken my own life and that’s why i am going to put their contact details here incase anyone needs their services, they can help you recover whatever it is you lose to sc^mmers. Their E  - mail: refundpolicy 82 at gmail.com and their WhatsApp number is + 1  (229) 231 1959. Do not hesitate to get in touch with them if you ever need their services. They can also help you investigate a cheating partner. 
 

[Sparrows]

24 minutes ago, DaveHuddlestone said:

I was scrolling my instagram when I saw an advert for this f^ke investment platform called bitblender.me that promised a great return on investment after 4 weeks and since I was close to retirement I thought it would be a great decision to take
 

You’re a right dodo. Great decision to take just before retirement? You deserve to lose the lot if you think that. You’re a plonker.

And what are you doing scrolling instagram at your age? Oh wait, your whole story is BS, totally made up. 

[MrStretch]

On 3/1/2024 at 4:36 AM, Sparrows said:

You’re a right dodo.

Nah, he's not a dodo.  It's an advertising post, and possibly a scam in itself.  This poster has made ONE post, and this is it.

Same as the poster before him, Mr. Crytpotalk.  ONE post and that was it, and it's promoting a service.

It's advertising designed to skirt the forums no advertising rules.

[butterfly]

On 2/29/2024 at 4:05 PM, DaveHuddlestone said:

I fell into depression after losing $ 61 k  worth of Bitcoin because I did not know where to even start as I was actually close to retirement

what kind of fool close to retirement invest in cryptos

jesus, one born every minute