Thai bank Kasikornbank Pcl is reportedly leading the way in digital asset financing options for businesses. The bank’s co-president, Pipit Aneaknithi, told Bloomberg in an interview: “We are advising some clients to issue tokens to raise funds.”
Thai Bank Crypto Advice for Fundraising
This is another bold move for the Thai bank after acquiring licensed digital asset exchange Satang Corp. The development marks the integration of a traditional financial institution into cryptocurrency trading. This is especially rare because regulators are taking a cautious approach to creating a cryptographic framework following some high-profile failures in the industry.
Meanwhile, Kasikornbank or K-Bank has established specialized divisions for blockchain and virtual token custody services. The lender has placed Aneaknithi “at the forefront of reforming the bank’s entire digital strategy.”
Thai lender sees potential in digital tokens
Aneaknithi told the newspaper: “We see potential in this market. “We are serious about developing a digital asset ecosystem that will be highly profitable compared to traditional platforms.”
The bank’s focus on digital assets comes as Aneaknithi emphasizes the profitability of issuing tokens compared to conventional lending or selling shares. He also imagines companies offering yield-tradable tokens.
Meanwhile, Thailand will review its income tax laws from January 1, 2024. This review will affect profits from cryptocurrency trading, offshore accounts and international stock brokers.
Despite the upcoming rules, cryptocurrency leader Binance began trading in Thailand in November. Binance Holdings forayed into the Southeast Asia region after partnering with Gulf Energy Development. The joint venture, Gulf Binance Co., received approval from the Securities and Exchange Commission of Thailand last month to begin its crypto exchange services in the country.
Huawei’s recent strategic partnership with Thailand’s Ministry of Digital Economy and Society marks another critical step in Thailand’s digital initiatives. The MoU marks a partnership under its “cloud-first policies” to prioritize digital transformation and adoption of AI technology in Thailand.