Thai Bank Supports Token Issuance for Cost-Effective Fundraising
Thai bank Kasikornbank Pcl is reportedly forging a path in the digital asset funding options for businesses. Bank’s co-president Pipit Aneaknithi told Bloomberg in an interview, “We’re advising some clients to issue tokens for fundraising,”
Thai bank’s crypto advisory for fundraising
This is another bold step for the Thai bank after acquiring the licensed digital asset exchange Satang Corp. in October. The development marks the integration of a traditional financial institution into crypto trading. This is especially rare as regulators are taking a cautious approach to carve out a crypto framework after some high-profile collapses in the industry.
Meanwhile, Kasikornbank, or K-Bank has established specialized divisions for blockchain and virtual token custodial services. The lender placed Aneaknithi “in the forefront of the re-formation of bank-wide digital strategy.”
Thai lender sees potential in digital tokens
Aneaknithi told the paper, “We see potential in this market. We’re serious about developing a digital-asset ecosystem that will be very cost-efficient compared to traditional platforms.”
The bank’s focus on digital assets comes as Aneaknithi emphasized the cost-effectiveness of token issuance compared to conventional loans or share sales. He also envisions companies offering yield-bearing tradable tokens.
Meanwhile, Thailand is set to overhaul its income tax laws from January 1, 2024. This revision will affect earnings from cryptocurrency trading, offshore accounts, and international stock brokerages.
Despite the upcoming rules, cryptocurrency leader Binance began operations in Thailand in November. Binance Holdings forayed into the Southeast Asian region after a partnership with Gulf Energy Development. The joint venture, Gulf Binance Co., received approval from the Thai Securities and Exchange Commission last month to start its crypto exchange services in the country.
Huawei’s recent strategic partnership with Thailand’s Ministry of Digital Economy and Society marks another pivotal step in Thailand’s digital initiatives. The MoU marks an alliance under its ‘Cloud-First policies’ to prioritize digital transformation and AI technology adoption in Thailand.
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