Thailand’s Banks Can Now Open Subsidiaries to Invest in Cryptocurrencies

Thailand’s Banks Can Now Open Subsidiaries to Invest in Cryptocurrencies

In Thailand, the central bank gave all local financial institution allow to launch subsidiaries and which can provide some types of banking services to cryptocurrency investors. According to the BOT statement, all bank of Thailand will can able to offer brokerage services to companies related to crypto, invest in crypto and blockchain startups, or even operate their own crypto trade.

Subsidiaries of banks can also issue their digital currency; the announcement was made. Thailand’s central bank will still not let local financial institutions directly offer banking services to individuals and organizations dealing in cryptocurrencies.

While local banks of the country have been permitted to set up assistants for certain types of crypto related activities, they are strictly prohibited from providing their special services or investment plans related to digital currencies.  Local banks and their licensed subsidiaries are also not permitted to buy, sell or trade cryptocurrencies on behalf of their clients.

Moreover, Thailand’s banks may only work with crypto firms regulated by the country’s Securities and Exchange Commission (Thailand’s SEC) and the Office of Insurance Commission (OIC).

In February, the BoT issued a circular instructing local banks not to trade or invest in crypto assets. Per the circular, financial institutions were prohibited from operating crypto exchanges, although independent digital currency exchanges could legally be established in Thailand after completing a registration process.

 

About The Author

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *