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Reading: By 2025, the Bank of Thailand Plans to enable the First Virtual Banks
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Blockscroll > Crypto > By 2025, the Bank of Thailand Plans to enable the First Virtual Banks
Crypto

By 2025, the Bank of Thailand Plans to enable the First Virtual Banks

Mridul Srivastava
Last updated: 2023/01/15 at 9:59 PM
By Mridul Srivastava 2 weeks ago
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By 2025, the Bank of Thailand Plans to enable the First Virtual Banks
By 2025, the Bank of Thailand Plans to enable the First Virtual Banks
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  • For the first time, the Bank of Thailand (BOT) has announced intentions to enable virtual banks to operate nationwide. According to a Bloomberg estimate, financial organizations will be able to supply services by 2025.
  • By 2024, the BOT will grant three distinct licenses to interested enterprises. According to the study, at least ten parties are interested in issuing licenses.
  • Under the licensing structure, virtual banks will be subject to the same regulations and supervision as regular commercial banks.
  • According to the central bank, virtual banks will be subject to a “restricted phase” during their initial years of operation, which will entail tight surveillance to minimize systemic financial threats.
  • Thailand’s Securities and Exchange Commission has announced steps to strengthen crypto regulations to increase investor safety.

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TAGGED: Crypto, Cryptocurrency, DeFi, Thailand, Virtual bank
Mridul Srivastava January 15, 2023
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Mridul Srivastava
By Mridul Srivastava
Mridul is an MBA pursuing a content writing career. He is a dedicated, detail-oriented freelance writer with over 2 years of experience and knowledge in the fields of Web3, blockchain, cryptocurrency, and NFTs. He is skilled in producing long and short content per the guidelines and client requirements for maximum search engine optimization.
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