The Bank of Thailand (BOT) published a directional paper on supervisory approach and management of risks to the financial system with respect to digital assets. It also published a draft regulation on the supervision of financial business groups transacting in digital assets, a statement on the implementation of financial measures amid COVID-19 pandemic, and the XML schema for reporting by banks.
Below are the key highlights of the recent updates:
- Striking a balance between facilitating digital asset related innovation to promote their benefits and managing the risks that may arise is the key principle underpinning the supervision of digital assets. BOT issued the directional paper to explain its rationale in issuing its policies related to financial business groups with regard to digital assets, the options considered by BOT, as well as the pros and cons of each supervisory approach under the existing limitations and context of the Thai financial sector. BOT has also issued a draft regulation on the supervision of financial business groups of commercial banks operating and transacting in digital assets. BOT requested comments on the draft regulations until July 25, 2022.
- BOT has decided to repeal the relief measure on dividend payout policy as well as extend and provide additional measures to help debtors that are still affected due to COVID-19 pandemic. These measures include measures for resolving long-term debt, increasing liquidity under loan rehabilitation program, maintaining the reduction of minimum credit card repayment rate until the end of 2023, and improving the debt repayment program.
- BOT published XML Schema for reporting by Thai commercial banks, foreign bank branches, specialized finance companies, and credit foncier companies. The schema will be effective from December 2022.
Related Links (in English and Thai)
- Press Release on Guidelines and Draft Regulations on Digital Assets
- Directional Paper on Digital Assets (PDF)
- Draft Regulation on Digital Assets (PDF)
- Press Release on COVID Relief Measures
- Notification on Circular on Dividend Policy
- Circular on Dividend Policy (PDF)
- Notification on XML Schema
Keywords: Asia Pacific, Thailand, Banking, Reporting, Digital Assets, XML Schema, Regtech, Dividend Distribution, Credit Risk, Loan Repayment, Covid 19, BOT, Basel
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