Tighter Crypto Regulation In Thailand Delays Bitkub’s Acquisition

2022-7-23 04:00

Thailand’s Plan of tightening crypto regulations have caused major setback to retail investors and digital asset enthusiasts. Adding to this, several companies have received a major blow due to this decision. Increased supervision on digital assets comes after the industry witnessed major sell-off over the last couple of months.

The Securities & Exchange Commission is planning to make changes to the existing regulations which were put in place in the year 2018. Crypto asset platforms will soon face tighter regulations in Thailand.

Most of the focus shall be directed towards safeguarding the interests of small investors who have invested a large sum of their savings in crypto.

Recently, Zipmex a crypto currency exchange which has huge presence across Asia halted their withdrawals which led to panic across Thailand.

In the light of the recent events, the oldest bank of Thailand has been facing difficulties in acquiring the country’s largest local crypto exchange. This is mainly due to the stricter regulations in Thailand.

Siam Commercial Bank Delays Acquiring The Country’s Largest Crypto Exchange Bitkub

Siam Commercial Bank (SCB) is Thailand’s oldest bank was supposed to acquire Bitkub which is a famous crypto exchange. The bank is unable to do that as Thailand recently amped up regulations on cryptocurrencies.

A subsidiary of the bank was reported to acquire 51% stake in Bitkub. The timeline mentioned was apparently the second quarter of 2022, the plan was to become a regional fintech post the acquisition. Currently, there is no date in sight for the acquisition to take place.

An officer from SCB X quoted,

We have made it clear in our statement to the Stock Exchange of Thailand (SET) that the deal is still undergoing due diligence, we don’t know when the deal will be sealed

Earlier this month, the company supposedly notified Stock Exchange of Thailand that the delay is being talked about by regulatory bodies and that the acquisition date has been postponed.

Related Reading | Huobi Thailand License Revoked, Crypto Exchange To Shut Operations

SCB X Wanted To Become A Regional Fintech Player

SCB X had announced that it wanted to acquire a stake in Bitkub, last year, November. This deal was a part of SCB strategy to become a regional fintech player. The acquisition was initially due in the first quarter of 2022.

Bitkub at that time had the valuation at 35 billion baht ($1.05 billion) and it had a unicorn status. The new tightening of the rules have now caused limitations in usage of payments and directed towards only licensed trading platforms in the country.

Bitkub’s intention was also to expand their present customer base however, the crypto market slump has dampened that plan. Due to tightening of regulations, the exchange Bitkub has now moved Vietnam. Vietnam currently has a much amicable crypto environment.

Related Reading | Offshore Premiums Indicate Recovering Sentiment Among Crypto Investors

Bitcoin was priced at $23,400 on the four hour chart | Source: BTCUSD on TradingView Featured image from UnSplash, chart from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

thailand major crypto adding enthusiasts digital asset

thailand major → Результатов: 26


Ripple (XRP) will now scale remittances between Korea and Thailand

A major South Korean remittance service provider partnered up with Ripple in a bid to power up payments between the country and Thailand.  Set to expand into additional remittance corridors, GME Remittance joined a flock of Korean financial institutions and money transfer companies already on RippleNet, as the blockchain-based payments company continues bolstering its presence […] The post Ripple (XRP) will now scale remittances between Korea and Thailand appeared first on CryptoSlate.

2021-8-12 04:00


Vechain (VET) – Siam bank recognizes Vechain’s potential in proof-of-authenticity

It’s a well-known fact in crypto circles that Vechain is quite strong in product quality assurance. However, it’s a different ball-game altogether when a major institution recognizes it. Recently, Siam bank, the largest bank in Thailand, ran an article touching on blockchain and its uses in different industries. One of the blockchains that they recognized […]

2019-5-20 12:56


Фото:

First Cinema in Brazil to Accept Bitcoin for Tickets

A cinema in the city of Florianopolis has reportedly become the very first one in the country to allow its customers to buy movie tickets using Bitcoin.   Going to The Movies With Bitcoin In 2018, Bitcoinist reported that Major Cineplex Group – the largest movie theater chain in Thailand, was set to start accepting cryptocurrencies as a means of payment for a broad range of services such as the purchase of movie tickets and even popcorn.

2019-2-5 02:00


2019 will be a pivotal year for Southeast Asian tech startups

With a rising middle class and a booming tech startup scene, Southeast Asia (SEA) sits where China did 10 years ago — on the cusp of a major economic boom fueled by the tech industry. The only questions over the last few years have been: When will the tipping point be reached, and when will SEA mature from a promising regional market into the next big world economy? I’ve seen promising signs that in 2019, our region may finally reach that tipping point.

2018-12-19 02:00


Фото:

Bank of Thailand All Set to Issue Own Digital Currency, Powered by R3

The central bank of Thailand (Bank of Thailand (BOT)) is set to issue its own digital currency in conjunction with several local financial institutions. Acknowledging the major impact that technological changes have on financial services globally, the Bank of Thailand announced that it is working in collaboration with the country’s largest banks on a project […] Bank of Thailand All Set to Issue Own Digital Currency, Powered by R3 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-8-26 16:30