The Bank of Thailand has allowed credit institutions to deal with cryptocurrencies

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The Bank of Thailand has allowed credit institutions to deal with cryptocurrencies
The Bank of Thailand has allowed credit institutions to deal with cryptocurrencies

Banks of the country can, through their “daughters”, carry out a wide range of operations with crypto coins.

At the end of the week, the Bank of Thailand, which is the main regulator for this country’s lending institutions, issued a circular that opens access to cryptocurrencies for participants in the financial market of this country. Now banks are allowed through their subsidiaries and affiliates to carry out transactions for the purchase and sale of cryptocurrencies. This circular cancels the previous one, which was supposed to prohibit such transactions not only for banks but for any participants in the financial market of the country. Now, credit organizations through their subsidiaries and affiliates are allowed to issue their own tokens, provide services for organizing third-party ICOs, as well as other brokerage services with cryptocurrencies. Finally, banks can invest in cryptos.

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This decision of the Bank of Thailand fits into the logic of the latest actions of the authorities of the country aimed at expanding the turnover opportunities of the cryptocurrency. On July 16, changes were introduced that were proposed by the Securities and Exchange Commission of Thailand (SEC), but many potential investors continued to ask questions about how to buy and sell cryptocurrencies legally. SEC with its July amendments acted in line with two royal decrees issued in March. All tokens were divided into three types: investment, user, and tokens-cryptocurrencies.

To conduct ICO, it is necessary to obtain permission from the SEC, and they themselves must be carried out on special platforms that are required to receive approval from the regulator. You can obtain a license within 60 days after you apply.

Meanwhile, Thailand is actively turning towards cryptocurrencies. As it became known this week, the largest network of cinemas in this country began to accept cryptocurrencies. The decision of the Bank of Thailand opens additional opportunities for turnover of cryptocurrencies, which will lead to an increase in the inflow of customer funds to the banking sector of Thailand. The increased security of financial transactions offered by blockchain technology can also become a new “hot topic” in Thailand, as at the end of the week the regulator reported on large-scale hacker attacks on the country’s two largest commercial banks, as a result of which personal financial information was stolen more than 120 thousand customers.