Thailand’s Kasikornbank Acquires Majority Stake in Satang Crypto Exchange
Kasikornbank (KBank), one of Thailand’s leading banks, has purchased a 97% stake in the holding company of Satang crypto exchange. The acquisition was made through KBank’s subsidiary, Unita Capital, which focuses on digital assets. The deal is valued at approximately $102.8 million.
KBank Establishes Three New Businesses
As a result of the acquisition, KBank will create three new businesses: Orbix Custodian Company Limited, Orbix Invest Company Limited, and Orbix Technology & Innovation Company Limited. These entities will specialize in crypto custody, digital asset fund management, and blockchain infrastructure.
KBank Aims for 20% Market Share by 2024
Satang, founded in 2017, currently has over one million customers and lists 45 different cryptocurrencies. With the acquisition of Satang, KBank aims to capture a 20% share of the national crypto market by 2024.
Prior to acquiring Satang, KBank had previously invested in Cryptomind, a digital asset advisory firm. The bank has also recently launched a $100 million fund targeting Web3, fintech, and artificial intelligence sectors in Asia.
Thailand’s Crypto Regulations
In Thailand, companies looking to operate in the digital asset space must submit applications to the Thai Securities and Exchange Commission (SEC). The SEC then reviews the documents and recommends approval to the Ministry of Finance within 90 days. Common requirements for digital asset businesses include establishment in Thailand, payment of license fees, compliance with anti-money laundering rules, and meeting minimum capital requirements.
Thailand Catching up with Rivals
KBank’s acquisition of Satang follows Siam Commercial Bank’s (Siam) expansion into Thailand’s crypto sector. Siam’s holding company, SCBX, partnered with Korean venture firm Hashed to focus on Ethereum account abstraction. Additionally, Siam’s venture arm, SCB 10X, has invested in Switzerland’s Sygnum Bank and various blockchain and Web3 projects to help Thailand keep pace with neighboring countries like Vietnam.
Hot Take: Expanding Crypto Sector in Thailand
The acquisition of Satang by KBank and the efforts of Siam Commercial Bank to expand the crypto sector in Thailand demonstrate the growing interest and investment in digital assets in the country. As Thailand catches up with its regional rivals, it is positioning itself as a key player in the Asian crypto market.
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