Thailand Banks Are Asked to Stay Away From Crypto

February 13, 2018

Bank of Thailand has released a circular, where it urged local financial institutions to not use digital currencies, because they are considered dangerous due to the lack of regulation. 

From now on, Thai banks are prohibited from investing or trading cryptocurrencies and from providing a platform to service them. In addition, all financial institutions are prohibited from advising their clients on cryptocurrencies or ICO investments. Moreover, Bank of Thailand asked local financial companies to comply with Know Your Customer (KYC) requirements and conduct the due diligence.

The central bank of Thailand took these measures due to its concerns about the usage of cryptocurrencies in illegal activities, such as money laundering or terrorism financing. 

However, it does not mean that Thailand bans cryptocurrencies. Last week, country's Minister of Finance Apisak Tantivorawong said that Thai regulators are unable to stop cryptocurrency circulation in the country.

He said:

"The government will not ban cryptocurrency trading. A regulatory framework to govern digital currencies will become clearer within a month. After a recent discussion, related agencies agreed that regulators cannot stop the use of virtual currencies but will have to regulate and control them in an appropriate manner."

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