Tighter Crypto Regulation In Thailand Delays Bitkub’s Acquisition
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.
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. SCB X had announced that it wanted to acquire a stake in Bitkub, last year, November.
Source
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