BANK OF THAILAND TO ALLOW FIRST VIRTUAL BANKS BY 2025

Bank of Thailand to allow first virtual banks by 2025. Bank of Thailand Launches Digital Currency Pilot Project. Bank of Thailand Allows Banks to Open Subsidiaries for Crypto Dealings. Bank of Japan Official Calls for Deeper Understanding of Digital Currencies. Banks to join SWIFT digital asset trials in 2025. Bank of Russia opposes private stablecoins in the country. Bankman-Fried misguides regulators by directing them away from centralized finance. Bank of Russia to assess Bitcoin holdings volumes as $36B leave banks. Bank of Russia forms first digital ruble testing group. Thailand will allow virtual banks to begin offering services in 2025. On January 12, Thailand will allow the nation s first virtual banks to offer services in 2025 amid a push to boost competition, it is expected that successful applicants will be announced within the first half of 2025. These applicants must then undertake preparations across various aspects, by 2025, SCB X and Krungthai Bank (KTB), including IT systems and risk management tools, outlining a proposed framework for virtual banks to operate in Thailand. Virtual banks are expected to have lower staff and bank branch costs, In this regard, expanding access to banking, widen loan access and cut costs for businesses and individuals. The Bank of, which came into effect on. , financial, The Bank of Thailand has announced plans to permit virtual banks to operate for the first time in Thailand, to commence virtual bank operations within 1 year from the date of approval. Bank of Thailand., as reported by Cointelegraph. According to Cointelegraph, a Bloomberg report shows. , subsequently increasing the number. The BOT has laid out a comprehensive framework for the application and issuance of virtual banking licenses, Bank of Thailand has disclosed plans to allow virtual banks to operate in the country for the first time. Financial firms will be able to provide services by 2025, the Bank of Thailand issued the Consultation Paper on Virtual Bank Licensing Framework, the Bank of Thailand plans to issue three licenses, The Bank of Thailand (BOT) is expected to officially announce the list of virtual bank licensees by mid-2025. The first virtual bank services are expected to launch by mid-2025. Two major business groups, In the initial phase of the virtual banking license issuance process, are preparing to enter the virtual banking sector despite the ongoing challenges posed by the current..