Bitkub Capital Group Holdings Announces Plans for IPO in 2025 📈
Bitkub Capital Group Holdings, the parent company of Bitkub, Thailand’s foremost cryptocurrency exchange, has disclosed its intention to go public through an initial public offering (IPO) in 2025.
- The company’s CEO, Jirayut Srupsrisopa, emphasized the plan to list on the Stock Exchange of Thailand in a recent interview with Bloomberg.
- Bitkub is actively engaging financial advisers to facilitate the IPO process and listing.
- This decision follows a previous indication by Bitkub in a shareholder communication from 2023, where the company had expressed its desire to pursue an IPO in Thailand without specifying a timeline.
Binance and Kasikornbank Competing for Market Share in Thailand 🤝
The competition in Thailand’s crypto trading sector has intensified, with industry giants like Binance and Kasikornbank Pcl vying to gain market dominance against Bitkub over the last six months.
- The country recorded the highest number of active crypto trading accounts in March, reaching 238,000, a milestone not seen since September 2022, as per the Securities and Exchange Commission.
- Bitkub previously sold a 9.2% stake in its crypto exchange unit to Asphere Innovations Pcl for $16.5 million to bolster its financial standing.
- Despite challenges, Bitkub’s CEO anticipates a surge in valuation as trading volumes on the platform approach levels reminiscent of the previous crypto bull market in 2021.
Thai SEC Relaxes Restrictions on Crypto Investments 📊
The Securities and Exchange Commission (SEC) of Thailand recently revised the criteria for investing in digital tokens, easing certain restrictions to facilitate smoother investor participation in the market.
- The commission lifted investment restrictions that previously limited retail investors from allocating more than 300,000 baht per offering in digital tokens backed by real estate or with infrastructure operations.
- Furthermore, the Finance Ministry exempted value-added tax (VAT) on digital asset trading, a move aimed at positioning Thailand as a prominent digital asset hub by incentivizing market activity.
🔥 Hot Take: Thailand’s Crypto Market Heating Up Amid Regulatory Innovations 🚀
In conclusion, Bitkub’s forthcoming IPO announcement, coupled with heightened competition from industry players and regulatory developments that favor increased investor participation, signifies a dynamic shift within Thailand’s crypto landscape.
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