The Bank of Thailand has requested the cooperation of all financial institutions in its efforts to curb cryptocurrency related activities.
In a circular issued today, the central bank has asked domestic and foreign banks, credit card companies, and other financial services companies not to engage in any transaction involving cryptocurrencies. This includes activities involving
“1. Investing or trading in [cryptocurrencies] for the benefit of the financial institution itself or the interests of the client.
2. The exchange of cryptocurrencies through financial service providers.
3. Building a platform to mediate customers’ interaction with cryptocurrencies.
4. Use of credit cards by customers to purchase cryptocurrencies.
5. To support or advise clients on investment or exchange of [cryptocurrencies].”
In addition, the BOT has requested all financial institutions to exercise caution regarding deposit and credit services related to the opening of accounts or using an account that may lead to cryptocurrency transactions.
The central bank has also asked all financial institutions to comply with Know Your Customer (KYC) and strictly investigate Customer Due Diligence (CDD).
[Note: Some sections of the article have been translated from the BoT’s circular in Thai language]
