Thailand's banks can now open subsidiaries to invest in cryptocurrencies

posted 10 months ago
The Bank of Thailand (BoT), the country’s central bank, reportedly gave all local financial institutions permission to launch subsidiaries for investing in cryptocurrencies that may also offer brokerage services to crypto dealers. Thailand’s banks will now be able to offer brokerage services to crypto-related companies, invest in crypto and blockchain startups, or even operate their own crypto business, according to a recent announcement by the BoT.

However local banks and their licensed subsidiaries are also not allowed to buy, sell, or trade cryptocurrencies on behalf of their customers. Also, 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). Notably, independent digital currency exchanges can be legally established in Thailand after completing a registration process. Based on these developments, it appears authorities in Thailand are receptive to the evolving cryptocurrency market.
Tags: bitcoin, news