The Bank of Thailand recently made a new move towards regulating the cryptocurrencies in the country. According to a recent announcement from the local Thai publication Blognone, the BoT allowed local banks to set up subsidiaries for dealing with cryptocurrencies.
As the regulatory announcement published by the BoT states, banks can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses as well as invest in cryptocurrencies through subsidiaries.
Still, the announcement also included the point that all banks and other financial institutions are still banned from direct dealing with cryptocurrencies. Speaking of, banks can now establish crypto-dealing branches but those branches will be prohibited from offering crypto-related services to their customers and the public. As such, they can only interact with other businesses that are approved by the Thailand Securities and Exchange Commission (Thai SEC) and the Office of Insurance Commission (OIC).
The subsidiaries will be allowed to provide investment sources to their customers – unless they want to invest in digital assets that aim to foster the “financial innovation” in the country or expand the quality of financial services.
Previously, the Bank of Thailand issued a circular that prohibited the banking institutions in the country from investing and trading in crypto as well as taking part in establishing crypto exchanges.
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However, the news is in direct contrast with the previous circular and are a proof that the country can shift its stance towards cryptocurrencies.
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