The Bank of Thailand has announced plans to permit the operation of virtual banks in the nation
The Bank of Thailand has announced intentions to let virtual banks operate for the first time in Thailand. By 2025, financial institutions will be able to offer services.
Applications to operate as financial services providers will be made available later in 2023, according to the central bank’s “Consultation Paper on Virtual Bank Licensing Framework.” The goal of the action is to intensify competition while accelerating Thailand’s economic development.
By 2024, the Bank of Thailand will grant interested businesses access to three separate licenses. The desire to provide permissions is shared by at least ten parties. Under the licensing system, virtual banks will be subject to the same rules and oversight as conventional commercial banks. Additionally, qualifying candidates will need to fulfill a number of prerequisites.
The central bank asserts that during the first years of operation, virtual banks would operate in a “limited phase,” which entails careful supervision to guard against financial systemic concerns. To increase investor protection, Thailand’s Securities and Exchange Commission recently announced measures to tighten regulations for cryptocurrencies. Additionally, the authority is creating a stringent set of regulations for cryptocurrency advertisements.
In 2022, the nation had a variety of cryptocurrency-related developments, including proposals to test a central bank digital currency with about 10,000 users.
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