Bitcoin, Crypto currency, Blockchain

Bank of Thailand paves banks the way to the crypto market

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Good news for Thailand’s banks: The Central Bank, the Bank of Thailand (the POT) has given a circular to the financial institutions the green light to investment in the crypto sector.

Subsidiary company of Thai financial institutions is now permitted to participate in cryptographic transactions, gift Token, including the. Investments in crypto-currencies are allowed the subsidiaries is now, provided, you follow the of their respective Supervisory authorities laid down rules. This companies is for the mother for the cryptographic activities of her daughters a duty of supervision with regard to the risks associated with the crypto market. In addition, the banks have the responsibility to ensure that its subsidiaries act in accordance with the existing rules to combat money laundering and terrorism. Newly established subsidiaries must apply through their parent companies, a approval in the case of the BOT.

Stricter rules for commercial banks

Much stricter rules for financial institutions. Example, commercial banks may be neither Token, nor in digital Assets to invest. Including both Token as well as crypto-currencies, according to the BOT. Also, you may not, through brokers or stock exchanges in the crypto market. Tokens may only be purchased or issued, if this has an improvement in the Bank’s services. The Bank of Thailand reason for this is that a “hodlende” commercial banking in the light of the still relatively young and unpredictable crypto-market, customer confidence in the financial institutions of the country affect.

Regulation makes it possible

The Thai Central Bank will revise this proposal to your circular of February. In this the banks in the country was currencies of the business with Crypto-is largely prohibited. The change in the BOT it came not by chance: Since the 13th century. Mai is part of Thailand one of the few countries where crypto-currencies and ICOs legal framework has been created. The Thai stock exchange Supervisory authority of Thailand, Security Exchange Commission (TSEC) has developed the set of rules. It includes, among other things, that the seller of crypto-currencies to the TSEC register, otherwise it will face fines and imprisonment of up to two years.

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