The Bank of Thailand Allowed Local Banks to Establish Subsidiaries, for Crypto Transactions
According to data published by the Central Bank of Thailand, local banks of the state were able to issue digital tokens, as well as create companies that work with cryptocurrency. In addition, it becomes possible to provide cryptocurrency brokerage services and invest in digital assets through subsidiaries. At the same time, banks and other financial institutions are also prohibited from making direct deals with cryptocurrency assets. They have the opportunity to interact with companies that have obtained approval from the Securities and Exchange Commission of Thailand (SEC), as well as in the Office of the Insurance Commission (OIC).
According to the available information, subsidiaries also can't offer individuals the services associated with cryptocurrencies. On the other hand, they have the opportunity to provide investment resources to clients, including when they don't plan to invest in cryptocurrency assets and are aimed at developing financial innovations or improving the quality of financial services.
This year, the Central Bank of Thailand published a document stating that local banking institutions can't invest and trade in cryptocurrencies, and also participate in the creation of crypto exchanges. In addition, the Central Bank demanded not to advise citizens of the country on issues related to trading and investments in digital assets. Customers are also prohibited from using credit cards to purchase digital currencies.
Recall that in May this year, the Thai authorities adopted legislation that regulates operations related to digital currencies and cryptocurrency assets. Last month, the government changed its attitude to the ICO, which allowed the initial offering of coins in a fully regulated environment.