Thailand’s oldest bank acquire 51% shares of crypto exchange Bitkub

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Thailand’s oldest bank, the Siam Commercial Bank, has purchased about 51% shares of the Bitkub cryptocurrency exchange, becoming the majority shareholder of the firm, practically acquiring it. The move displays a pro-crypto stance on the part of the bank. 

Siam Commercial Bank’s SCB X Group is proposing to buy 51% of the shares of Bitkub at 17.85 billion baht (nearly 536.7 million USD) by Q2 2022. The deal is yet to be approved by Thailand’s Securities and Exchange Commission and the nation’s central bank.

Arthit Nanthawittaya, the CEO of Siam Commercial Bank, commented on the announcement, claiming that the acquisition was planned and executed, looking at the growth of cryptocurrencies and other digital assets in the nation. The rise in demand for digital asset services in the nation requires a strong digital asset infrastructure that the bank is looking to build. 

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Bitkub pioneers regulated crypto services

Bitkub is one of the very few crypto services providers that have been allowed to remain operational in the nation. Despite its issues with the regulatory authorities, Bitkub has remained operational with a 24-hour trading volume of 296,022,578. 

The CEO and founder of the trading platform, Jirayut Srupsrisopa, also commented on the success of Bitkub and the future potential of blockchain-based services in Thailand.

“Bitkub has reached the point where we have become an important structure in Thailand’s future economy, he added. Bitkub is no longer just a startup. It is becoming necessary infrastructure for the financial industry 3.0 in Thailand.”

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Thailand has been actively regulating cryptocurrencies, trying to minimize the damage done to the investors’ hard-earned money. After revising its regulations, Thailand asked Bitkub to improve its services to avoid outages during high demands. The government has also ceased the sale of fan-based tokens, non-fungible tokens, or meme-based tokens. 

Thailand has been actively participating in the crypto adoption drive. As TheCoinRise reported, Thailand malls is introducing payment option in crypto. Besides that, the country’s tourism authority is planning to roll out its own utility token.

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