Thailand’s banking giant, Kasikornbank Financial Conglomerate, announced plans to launch the country’s first licensed digital asset custodian. Known as Orbix Custodian, the service is licensed by the Finance Ministry and is set to be supervised by the Thai securities regulator.

According to a statement on the bank’s website, Kasikornbank is currently testing its systems before launching Orbix Custodian in early 2025. Through the service the bank aims to set a new standard for digital asset custody in Thailand, protecting investors and building trust in the market.

Pipit Aneaknithi, president of Kasikornbank, said the service will help enhance digital asset standards.

“KBank places emphasis on building a solid foundation for the digital asset ecosystem through a management structure under Unita Capital Co., Ltd., a subsidiary of Kasikornbank Financial Conglomerate, to ensure more comprehensive service throughout the digital asset ecosystem. With this in mind, Orbix Custodian Co., Ltd. has been set up to become the first digital asset custodian service provider and raise digital asset custodian standards in Thailand,” Aneaknithi said.

The banking giant meanwhile describes the launch of Orbix Custodian as a significant step forward for Thailand’s digital asset industry. It demonstrates the country’s growing acceptance of digital assets and its commitment to providing a safe and secure environment for investors.

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