The central bank of Thailand has given permission to local banks for setting up subsidiaries to deal with cryptocurrencies.
In an announcement, the Bank of Thailand said local banks will now be able to perform a number of crypto-related activities, which include issuance of digital tokens, providing crypto brokerage services, running crypto-related businesses, and invest in cryptocurrencies.
However, the announcement of August 1 reiterated that the provision that bar all banks and financial institutions from dealing with cryptocurrencies directly will continue.
According to new announcement, the subsidiaries will only be able to offer crypto-related services to the businesses, which are approved by country’s Securities and Exchange Commission, known as Thai Sec, but not to any individual customer.