Due to the increasing adoption of Blockchain technology in Thailand’s financial services landscape, the Bank of Thailand (the “BOT”) has issued the Guideline for Blockchain Technology Adoption in Financial Services (the “Guideline”) for the financial service providers under its supervision (i.e. financial institutions, companies in the financial conglomerate of banks, non-banks, and payment business operators). The Guideline is the BOT’s initiative to ensure that financial service providers’ adoption of Blockchain technology is safe, reliable, and suitable for its financial services and in line with international standards.
Under the Guideline, the financial service provider is required to comply with the requirements under the Guideline to join as a member or act as an administrator of the Private Blockchain Network1 while a consultation with the BOT on a case-by-case is required…
