Thai Bank Advises Businesses on Crypto Tokens for Fundraising
Thai bank Kasikornbank Pcl is reportedly paving the way for Thai businesses to utilize crypto tokens for fundraising. In an interview with Bloomberg, the bank’s co-president Pipit Aneaknithi stated that they are advising some clients to issue tokens as a means of raising funds.
Integration of Traditional Banking and Crypto Trading
This move by Kasikornbank marks another bold step after its acquisition of licensed digital asset exchange Satang Corp. in October. It demonstrates the integration of a traditional financial institution into the world of crypto trading, which is rare given the cautious approach regulators have taken in establishing a crypto framework.
Kasikornbank has also established specialized divisions for blockchain and virtual token custodial services, with Aneaknithi leading the bank’s digital strategy.
Potential in Digital Tokens
Aneaknithi believes that there is potential in the digital asset market and is serious about developing a cost-efficient digital-asset ecosystem compared to traditional platforms. He envisions companies offering yield-bearing tradable tokens.
However, Thailand is set to overhaul its income tax laws from January 1, 2024, which will affect earnings from cryptocurrency trading and offshore accounts.
Continued Crypto Expansion in Thailand
Despite upcoming regulations, cryptocurrency leader Binance began operations in Thailand in November through a partnership with Gulf Energy Development. The joint venture, Gulf Binance Co., received approval from the Thai Securities and Exchange Commission to start its crypto exchange services in the country.
In addition, Huawei’s strategic partnership with Thailand’s Ministry of Digital Economy and Society highlights further progress in Thailand’s digital initiatives and prioritization of digital transformation and AI technology adoption.
Hot Take: Thai Bank Promotes Crypto Tokens for Fundraising, Expanding Crypto Landscape
Thai bank Kasikornbank is leading the way in digital asset funding options for businesses by advising clients to issue tokens for fundraising. This move demonstrates the integration of traditional banking with crypto trading, which is a rare occurrence given regulatory caution. Kasikornbank’s focus on digital assets aims to provide a cost-efficient alternative to traditional platforms and envisions companies offering yield-bearing tradable tokens. Despite upcoming tax regulations, the crypto industry continues to expand in Thailand, with Binance launching operations and Huawei partnering with the Ministry of Digital Economy and Society. These developments signify the growing importance of cryptocurrencies and blockchain technology in Thailand’s digital landscape.
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