- 1 The cryptocurrency situation in Thailand is evolving at an accelerated pace. And even though opinions on Bitcoin are polarized within the nation, The Bank of Thailand sees no problems with other banks investing in cryptocurrency.
- 2 Thailand Won’t Ban Bitcoin Trading
- 3 Various Asian countries are actively looking to regulate Bitcoin. In this regard, a recent statement released by the Bank of Thailand seems to be of much interest to cryptocurrency enthusiasts within the small SE Asian nation.
- 4 According to the financial institution, ‘trading and investing in Bitcoin is perfectly acceptable for all domestic banks‘.
- 5 However, with that being said, there are certain requirements that need to be fulfilled before such opportunities can be explored. For starters, local banks need to ask for permission from Thailand’s SEC to engage in such activity. This is not the same as obtaining an official license, as such requirements are not in place currently. Under the current rules of the Thai SEC, financial institutions cannot facilitate financial transactions using cryptocurrencies owned by these banks.
- 6 This is another big step toward providing positive regulatory measures for the cryptocurrency industry, especially since the aforementioned statement by the BoT seems to indicate that cryptocurrencies will be legalized within the nation at some point in the near future.
- 7 Final Thoughts
- 8 It is rather uncommon for a central bank to effectively overrule the country’s financial regulator when it comes to cryptocurrencies. Even so, the Bank of Thailand shows it can be done without any negative repercussions.