The BOT clarified the case of the SCBX-Bit deal, stating that the SCB financial group has contacted in detail but has not yet submitted an investment Expected in the process of making the delegation Revealed in the middle of the year issued a regulation to control the investment of digital assets not more than 3% of the capital
On March 26, 2022, reporters reported. from the case of SCB Securities Company Limited or SCBS, which is a subsidiary of Siam Commercial Bank Currently, it is in the process of making a deal to buy 51% shares of Bitkub Online Co., Ltd., Thailand’s leading digital asset exchange (Digital Asset Exchange) from Bitkub Capital Group Holdings, using an investment of 17,850 million baht. that
Dr. Rung Mallikamas, Assistant Governor Financial Institution Policy Group The Bank of Thailand (BOT) said that the SCB business group has now come in to talk in detail about investing in bitcoin. Therefore, the said case has not yet been considered, and partly, SCBX may wait to see the clarity of the BOT’s regulatory criteria.
“As the two companies are currently in the due diligence process, we still do not know what the final deal price will be. And under the structure of Siam Commercial Bank (SCB) as a financial business group (Holding) under SCB X (SCBX) if the ceiling is exceeded 3% of the capital can do but will be charged in more expensive funds or the capital will be reduced.”
In the middle of the year, issued regulations to control digital assets
In the middle of this year The Bank of Thailand will issue guidelines on digital asset supervision (Digital Asset: DA) after listening to comments. Initially, the DA regulatory criteria will focus on sustainable growth. take care of depositors And the stability of the financial system is the main thing. It is allowed to invest a ceiling of not more than 3% of the capital. The criteria will be divided into 2 types: DA businesses that are licensed and have regulatory bodies such as DA exchange, broker, dealer, etc.
In the case of holding, you can invest more than 3% of the capital, and if more than 3%, the BOT gives an opportunity to do so. But it will affect the fund’s decrease. But in the case of commercial banks, it is not allowed to do more than the specified 3% ceiling as a hedge against risk.
have to separate DA from the bank
In addition, in order not to affect depositors and financial stability The Bank of Thailand also requires that the Board of Directors be separated between commercial banks. and a holding group that deals with DA business in particular to ensure that the Board fully takes care of the Bank’s interests. At the same time, there must be sufficiently higher capital funds to be ready to invest in DA business and IT systems, including decisive separation of core banking systems. to prevent the transmission of risks to commercial banks
And do not communicate that the bank will take responsibility for the DA business if damage occurs. Commercial banks must not encourage stimulation and solicitation through bank branches and websites. Because the matter of DA is not suitable for all customers. Except for wealthy customers (HNW) according to the SEC criteria. with knowledge and understanding about investment But the bank will only provide preliminary information.
As for DA businesses that are not regulated, such as Metaverse and Defi, the BOT has set them to do so within the scope (Sandbox). which is considered to be beneficial to the people and the cost is reduced and the post-test procedures are completed before providing a wide range of services Will see if it is useful for the overall picture or not. The test is still based on the investment threshold of 3% of the capital.
