The Thai banking industry is about to experience a significant breakthrough in the cryptocurrency field. Kaweewut Temphuwapat, the new CEO of SCB10X, a venture capital arm of Siam Commercial Bank (SCB), recently stated that under the support of the regulatory sandbox mechanism, Thai commercial banks may be allowed to directly hold cryptocurrencies in the future, which will be an important symbol of transformation in the national financial system.
In an interview, Kaweewut pointed out that Thai regulators have shown an active and pragmatic attitude towards financial technology innovation, especially in the areas of digital assets and cryptocurrencies, with increasingly open policies and steady progress in integrating the industry while ensuring financial security.
"Our payment infrastructure is quite mature, laying the technical and market foundation for the integration of crypto assets into mainstream finance." — Kaweewut Temphuwapat
SCB10X has targeted the blockchain track years ago, becoming one of the early investors in Ripple, and has continuously promoted the implementation of related technologies within the enterprise. Today, the institution is increasing its investment in the direction of Web3 and the "integration of artificial intelligence and cryptocurrency", exploring the core driving force of the next wave of financial technology revolution.
Kaweewut emphasized that the gradual clarification of crypto regulations in the United States has boosted global market confidence, and Asia may witness a new round of capital frenzy, with Thailand, as the forefront of Southeast Asian financial technology, having the basic conditions to rise with the trend.
Currently, the Thai government is allowing banks and financial institutions to pilot innovative businesses including digital currencies in a specific regulatory environment through the "regulatory sandbox mechanism". This mechanism not only provides a testing space for new products but also offers legal and institutional guarantees for the full liberalization of financial innovation businesses in the future.
While other Southeast Asian countries are still in the observation stage, Thailand has already taken a crucial step forward. If the legalization of commercial banks holding cryptocurrencies is implemented, it will mean that Thai financial institutions will no longer be just "observers" of cryptocurrencies, but will officially become direct participants in its asset chain.
