Thai Banks May Soon Hold Crypto: Thailand is on the brink of a major shift in its financial landscape as leading banks may soon be allowed to hold cryptocurrencies, thanks to progressive moves from both regulators and industry leaders. SCB 10X, the innovation arm of Siam Commercial Bank (SCB), is at the center of this transformation, with its new CEO, Kaweewut Temphuwapat, signaling a bold push into regulatory sandboxes and digital asset adoption.
Thai Banks Eye Crypto Holdings
SCB 10X is actively engaging with regulators to enable Thai banks to hold cryptocurrencies within regulatory sandboxes—a controlled environment where new financial products and services can be tested under close supervision. This initiative, still pending final regulatory approval, could pave the way for mainstream institutional adoption of digital assets in Thailand. Temphuwapat confirms, “The intention is there… they allow us to do [it] in a small scale,” highlighting the cautious yet determined approach of Thai authorities.
Why Now?
Several factors are converging to make this possible:
- Regulatory Clarity: Thailand’s regulators have shown a willingness to innovate, with robust oversight and sandbox programs that allow for experimentation while managing risk.
- Fintech Innovation: SCB 10X’s track record—such as early investments in Ripple and the launch of stablecoins like THBX—demonstrates a commitment to integrating blockchain and digital assets into traditional finance.
- Regional Momentum: Success stories from neighboring countries like Singapore, where major banks have piloted digital asset custody, are setting a global benchmark and encouraging Thailand to accelerate its own adoption.
SCB 10X’s Sandbox Strategy
Under Temphuwapat’s leadership, SCB 10X is doubling down on opportunities at the intersection of AI, crypto, and Web3. The company’s recent launch of the Rubie Wallet—a digital wallet for seamless QR payments using regulated USD-pegged stablecoins and THBX (Thai Baht Stablecoin)—is a live demonstration of how programmable money can simplify payments for both locals and international visitors. This project, run within the Bank of Thailand and SEC’s regulatory sandbox, showcases the practical benefits and security of digital assets in a real-world setting.
What’s Next?
If sandbox trials prove successful, Thai banks could soon hold crypto assets directly on their balance sheets, starting with limited, closely monitored pilots. This would mark a significant leap forward for Thailand’s fintech sector, potentially boosting demand for digital assets like Bitcoin and Ethereum, and positioning the country as a leader in Asia’s digital finance revolution.
The Bottom Line
Thailand’s proactive approach—balancing innovation with regulatory oversight—signals a new era where traditional banks and digital assets can coexist. With SCB 10X leading the charge and regulators providing a supportive framework, the stage is set for Thai banks to play a pivotal role in the future of crypto in Southeast Asia.
How soon might Thai banks start holding crypto on their balance sheets
Thai banks could begin holding cryptocurrencies on their balance sheets in the near future, but the rollout will be gradual and closely supervised. SCB10X, the innovation arm of Siam Commercial Bank, is actively engaging with regulators to allow banks to participate in regulatory sandboxes—controlled environments where banks can test holding digital assets on a limited scale. The new CEO of SCB10X, Kaweewut Temphuwapat, confirmed that the intention is to permit such activities soon, but initially only in small, regulated pilots.
The timeline for broader adoption depends on the success of these sandbox trials and final regulatory approval. If these pilots proceed smoothly and demonstrate effective risk management, Thai banks could expand their crypto holdings beyond the sandbox phase. Given the current momentum and ongoing regulatory reviews, initial pilots could start as early as late 2025, with wider adoption potentially following after successful evaluations and legal reforms.
In summary, Thai banks may start holding crypto on their balance sheets within a regulatory sandbox framework as soon as late 2025, with broader adoption contingent on the outcomes of these initial trials and further regulatory clarity.
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