Thailand's oldest bank announces purchase of country's largest cryptocurrency broker

Charlie Taylor

Cade can fine Bitcoin brokers for failing to provide information Siam Commercial Bank (SCB), Thailand's oldest private bank, is just months away from entering the world of cryptocurrencies. The 114-year-old institution will pay US$ 536 million for the majority stake in the Bitkub cryptocurrency exchange, a company regulated by the country's Brazilian Securities and Exchange Commission, according to a statement published in this […]

Thailand's Oldest Bank post announces purchase of the country's largest cryptocurrency brokerage first appeared on the Bitcoin Portal .

Siam Commercial Bank (SCB), Thailand's oldest private bank, is just months away from entering the world of cryptocurrencies . The institution, with 114 years of existence, will pay US$ 536 million for the majority stake in the exchange of cryptocurrencies Bitkub, a company regulated by the Brazilian Securities and Exchange Commission, according to a statement published this Tuesday (02).

The SCB has already registered the request with the regulatory agency and with the Thailand Stock Exchange (SET) the request to add 51% of Bitkub in SCB Securities (SCBS), the group's investment holding company. According to the prospectus , the platform is responsible for 92% of Thailand's digital asset trading and traded, from January to September 2022, a volume of more than US$30 billion.

“The investment in Bitkub builds on the recognition of significant growth opportunities in the digital assets business and will enable SCBS to be the major shareholder to further develop the digital asset ecosystem in Thailand,” said SCB. The note adds that the group expects the acquisition to be completed by the first quarter of 2022.

Cryptocurrencies in Thailand

Thai authorities overseeing the financial market have become stricter this year, both with users of cryptocurrencies and with companies operating in the sector.

In May, for example, the Thai Anti-Money Laundering Agency (AMLO) determined that from September onwards, cryptocurrency exchanges should introduce identity verification through the KYC ('Know Your Customer'). a scanning system called 'dip chip'.

The obligation, however, forces new users to appear in person at the company to provide a digital copy of their identity document.

Another giant from Thailand has also started taking its first steps in the crypto market this year, the holding company Jasmine International (JAS), a company in the telecommunications and IT sector, which gave the green light to its subsidiary Jasmine Telecom Systems (JTS) to build a center for Bitcoi n mining in Southeast Asia , where it intends before 2024.

Thailand's Oldest Bank post announces purchase of the country's largest cryptocurrency brokerage first appeared on the Bitcoin Portal .

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