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Over the Counter Transactions in Thailand
If you want to cash out or exchange a large sum of Cryptocurrencies (transactions of more than 200,000 USD), you may need to go to a specialised dealer who performs Over The Counter transactions (OTC). At this moment in time, Cryptocurrency exchanges in Thailand are not capable of realising big transactions.
Currently, there are no uniform market standards or regulations in place for private OTC deals. However, there is a set of good practice procedures which must be adhered too:
- Ready, willing, and able: The transaction should be good, clean, clear, and of non-criminal origin.
- What you need to know: KYC/AML/CDD and other compliance requirements must be adhered to.
- Payment: The OTC transaction requires an agreement in the following areas; (i) payment amount and currency, (ii) whether the funds are to be deposited in a bank account, cash etc (iii) the location and governing law for the funds, (v) the title, control, and authority of the funds.
- Escrow: Crypto escrow agents hold onto the Crypto until the transaction has been approved and the relevant parties confirm the release of the funds. The escrow provider must be approved by both parties.
- Proof of funds: It is essential the purchaser has the ability and funds available to complete the transaction. Proof of coins – The Cryptocurrency equivalent to POF is Proof-of-Coins (POC). Evidence can be provided to the buyer or to a third-party verification service.
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While there are no formal guidelines relating to OTCs, the good practice procedures can offer protection against bogus transactions, scams, and fraudulent deals. Our Blockchain experts can help you navigate the OTC procedures to ensure your transaction is completed without a hitch.
Our Blockchain experts will provide assistance with the often confusing compliance requirements for the Know Your Customer, Anti-Money Laundering Laws and Customer Due Diligence criteria.
The Belaws team of experts can also arrange the Escrow process for your transaction. It is highly recommended to take advantage of the Escrow services as they add an extra layer of security for the transaction.
Our OTC service will also take care of the ‘Proof of Funds’ and ‘Proof of Coins’ for the transaction.
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