The Thai bank Siam Commercial Bank acquires 51% of the Bitkub crypto exchange

The oldest bank in Thailand wants to become the majority shareholder from one of the largest cryptocurrency exchanges in the country after a $ 536.7 million purchase.

According to an announcement on Tuesday, it is expectedSCB X group from Siam Commercial Bank® Buy 51% of the shares of the crypto exchange based in Thailand Bitkub for 17,850 million baht (approx. USD 536.7 million) for the second quarter of 2022. The exchange said that The transaction requires approval from the Thai Securities and Exchange Commission (SEC) and the country’s central bank.

Arthit Nanthawittaya, CEO of Siam Commercial Bank, said: The acquisition was based on the growth of companies in the digital assets space over the past two years and the long-term expected value. The company hinted at the goal of strengthening and expanding the digital asset ecosystem in Thailand.

The Thai bank Siam Commercial Bank acquires 51% of the Bitkub crypto exchange
The Thai bank Siam Commercial Bank acquires 51% of the Bitkub crypto exchange

“Bitkub has reached the point where we have become an important structure in Thailand’s future economy.” said Jirayut Srupsrisopa, Founder and CEO of Bitkub. â ???? Bitkub is no longer just a startup, but is becoming a necessary infrastructure for the financial industry 3.0 in Thailand.

Bitkub is one of the few crypto exchanges in Thailand that operates with the approval of the country’s SEC.Following the publication of the revised cryptocurrency regulations in November 2020, financial regulators ordered the exchange to suspend its services and address issues related to outages during periods of high demand. According to CoinMarketCap, the exchange had a trading volume of more than $ 274 million in the last 24 hours.

Regulators in Thailand have issued a number of guidelines for individual cryptocurrency traders and companies. In June, SEC officials issued a notice thatTO Thai exchanges were bannedManage tokens based on memes, fan tokens, non-fungible tokens (NFTs), and tokens issued by exchanges. The regulator also proposed a series of guidelines in August regarding the safekeeping of cryptocurrency holdings by investors held by commercial digital asset operators.

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