The Bank of Thailand recently made a new move towards regulating the cryptocurrencies in the country. According to a recent announcement from the local Thai publication Blognone, the BoT allowed local banks to set up subsidiaries for dealing with cryptocurrencies.
As the regulatory announcement published by the BoT states, banks can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses as well as invest in cryptocurrencies through subsidiaries.
Still, the announcement also included the point that all banks and other financial institutions are still banned from direct dealing with cryptocurrencies. Speaking of, banks can now establish crypto-dealing branches but those branches will be prohibited from offering crypto-related services to their customers and the public. As such, they can only interact with other businesses that are approved by the Thailand Securities and Exchange Commission (Thai SEC) and the Office of Insurance Commission (OIC).
The subsidiaries will be allowed to provide investment sources to their customers – unless they want to invest in digital assets that aim to foster the “financial innovation” in the country or expand the quality of financial services.
Previously, the Bank of Thailand issued a circular that prohibited the banking institutions in the country from investing and trading in crypto as well as taking part in establishing crypto exchanges. However, the news is in direct contrast with the previous circular and are a proof that the country can shift its stance towards cryptocurrencies.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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