Thailand’s SCB Delays Deal with Bitkub Amid Tighter Crypto Rules

Due to strict cryptocurrency rules, Thailand’s oldest bank cannot buy Bitkub, the largest local bitcoin exchange in the nation. To establish itself as a regional fintech company, SCB X Group, a division of Siam Commercial Bank (SCB), planned to buy a 51% share in Bitkub by the second quarter of 2022. Things now appear to have changed because the bank has indefinitely paused the plan to buy the well-liked exchange. SCB X has chosen indefinitely not to proceed with a $487 million offer for a 51 % share in Bitkub. The parent company of SCB, SCB X, reportedly informed the Stock Exchange of Thailand (SET) on Thursday that the acquisition is “still undergoing due diligence.” The squad doesn’t know when the agreement will be finalized – a top SCB X official told the site. Thailand is Asia’s most progressive country in crypto, with tax incentives for traders and a regulated market for cryptocurrency exchanges. SEC, Bank of Thailand Announced Stronger Crypto Laws However, many cryptocurrency exchanges, like Binance and Huobi, have already had trouble with the country’s governmental regulations and rules. The Securities and Exchange Commission (SEC) and the Bank of Thailand recently announced stronger cryptocurrency laws and usage restrictions. This ensures that cryptocurrencies can only be exchanged as assets on accredited platforms. Sakolkorn Sakavee, the chairman of Bitkub Capital Group Holdings, was fined by the SEC on July 2 for fa...