Krungthai heeds call on digital currencies exit

Corporate February 27, 2018 01:00

By The Nation

Krungthai Bank will cease handling cryptocurrency transactions from the Thai Digital Asset Exchange (TDAX) following a request from the Bank of Thailand that the country’s banks halt such transactions, said chairman Somchai Sujjapongse, who is also finance permanent secretary.



Directions for the supervision of cryptocurrencies and initial coin offerings (ICOs) are expected to be finalised by the end of this month, particularly for the Securities and Exchange Commission (SEC) concerning oversight of transactions involving digital currencies and for the Stock Exchange of Thailand in regard to ICOs.

Previously, TDAX said that Bangkok Bank had ceased handling cryptocurrency transactions in the bank’s account system. It said earlier that investor confidence in the platform had not been eroded, citing Krungthai’s then-provision of such transactions along with Kasikornbank and Siam Commercial Bank.

 

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