Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Bank of Thailand Permits Banks To Deal In Cryptos via Subsidiary

Bank of Thailand Permits Banks To Deal In Cryptos via Subsidiary

Kelly Cromley by Kelly Cromley
Aug 5, 2018
in News
Reading Time: 2 mins read
0

Even though many governments have acknowledged blockchain technology as the next big thing that is going to change the way business is conducted across the world, none have given a green signal to cryptocurrencies. Particularly, all the central banks and commercial banks are averse to cryptos.

However, the jinx is broken by the Bank of Thailand which has now permitted domestic banks to setup subsidiaries for dealing in cryptocurrencies. The details were revealed by Blognone.

On August 1, the Bank of Thailand has made a regulatory announcement, which permits domestic banks to issue cryptocurrencies, provide cryptocurrency brokerage services, invest in cryptocurrencies and enter into other activities related to cryptocurrencies.

Despite this relaxation, the banks are not allowed to deal in cryptocurrencies directly. This rule was reaffirmed a few days back. So, according to the announcement, the banks will be able to establish subsidiaries which deal in cryptocurrencies. However, it is barred from offering cryptocurrency related service to its clients and the general public.

The subsidiaries of those banks which are established primarily for dealing in cryptos are allowed to deal with firms that are cleared by Thailand’s Securities and Exchange Commission (Thai SEC) and the Office of Insurance Commission (OIC).

The subsidiaries of banks will offer investment solutions to its business clients only. If the customers are interested in investing in digital assets to advance “financial innovation” or to improve the quality of financial services, then Bank of Thailand’s Regulatory Sandbox should be used.

Notably, BoT issued a circular earlier this year, barring Thai banks from investing and trading in cryptocurrencies. The banks were also banned from participating in the establishment of cryptocurrency exchanges, which are permitted to operate in the country as long as they are registered. The Central bank also instructed domestic banks to avoid offering suggestions to individuals on crypto investments or trading. Furthermore, the domestic banks also restricted its clients from using credit cards for crypto purchases.

In May, the Thai government issued a notice that defines cryptocurrencies as ‘digital assets and digital tokens.’ The notice brought the tokens under Thai SEC regulation.

A month later, the BoT stated that it is looking at the option of providing a “new way of conducting interbank settlement” through a central bank-issued digital currency (CBDC). The bank also opined that the use of cryptocurrency would reduce transaction costs, while decreasing the confirmation time “due to less intermediation process needed compared to the current systems.”

Again in July, the Thai government passed regulations for ICO (Initial Coin Offerings), making it one of the first jurisdictions to permit ICOs.

Previous Post

Totle – An Aggregator Of Decentralized Exchanges

Next Post

Mt.Gox Accepts To Pay ~$1.30bn To Investors in BTC & BCH

Related Posts

unique network partners with tapnation for crypto rewards

TapNation Game Adds Seamless Crypto Rewards via Unique Network

by Kelly Cromley
Jul 12, 2025
0

Unique Network, a blockchain infrastructure firm operating within the Polkadot ecosystem, has successfully partnered with mobile game publisher TapNation to...

us bank

U.S. Bank Pioneers Blockchain-Based Trade Finance

by Kelly Cromley
Jul 12, 2025
0

U.S. Bank has become the first American financial institution to successfully carry out a fully digital trade finance transaction, signaling...

Zypto

Zypto Expands Real-World Crypto Utility with Visa Card and Mobile Top-Ups

by Kelly Cromley
Jul 12, 2025
0

Zypto, a rising player in blockchain-based fintech, has introduced two key services that significantly broaden the everyday utility of digital...

zeus network

Zeus Network Launches Bitcoin Airdrop for Solana Users

by Kelly Cromley
Jul 12, 2025
0

Zeus Network has unveiled a new Bitcoin Airdrop campaign aimed at active participants within the Solana blockchain ecosystem. This initiative...

circle partners with sei

Sei Blockchain Integrates Native USDC to Boost Multi-Chain Finance

by Kelly Cromley
Jul 12, 2025
0

Sei, a high-performance Layer-1 blockchain recognized for its speed and suitability in powering digital asset markets, is poised for a...

HSBC

HSBC Tests e-HKD+ Across Blockchains, Launches On-Chain Settlement

by Kelly Cromley
Jul 11, 2025
0

HSBC has made significant progress in its exploration of digital currency solutions by conducting a series of experimental trials involving...

Next Post
Mt.Gox Accepts To Pay ~$1.30bn To Investors in BTC & BCH

Mt.Gox Accepts To Pay ~$1.30bn To Investors in BTC & BCH

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • Hyper Foundation Launched to Boost Hyperliquid Blockchain Development

    by Kelly Cromley
    Oct 15, 2024
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025

Recent News

unique network partners with tapnation for crypto rewards
Market News

TapNation Game Adds Seamless Crypto Rewards via Unique Network

by Kelly Cromley
Jul 12, 2025
us bank
Market News

U.S. Bank Pioneers Blockchain-Based Trade Finance

by Kelly Cromley
Jul 12, 2025
Zypto
Market News

Zypto Expands Real-World Crypto Utility with Visa Card and Mobile Top-Ups

by Kelly Cromley
Jul 12, 2025
zeus network
Market News

Zeus Network Launches Bitcoin Airdrop for Solana Users

by Kelly Cromley
Jul 12, 2025
circle partners with sei
Market News

Sei Blockchain Integrates Native USDC to Boost Multi-Chain Finance

by Kelly Cromley
Jul 12, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree