Kasikornbank (KBank), one of Thailand’s largest banks, has announced the acquisition of a 97% stake in the local cryptocurrency exchange, Satang Corporation Co. Ltd, through its wholly-owned subsidiary, Unita Capital.
Acquisition of Satang Corporation Co. Ltd
KBank’s acquisition of Satang Corporation Co. Ltd, which has a registered capital of 3.7 billion Baht (approximately $102.8 million), is seen as a significant investment that will strengthen its presence in the cryptocurrency trading sector.
KBank’s Strategic Goals and Thailand’s Approach to Cryptocurrency
In its recent statements, KBank emphasized that this acquisition would make a significant contribution to its strategic goals. Furthermore, Thailand has emerged as one of the countries with a positive approach to the cryptocurrency market in recent times. The government has established favorable regulatory frameworks for the regulation and use of cryptocurrencies, and has introduced certain regulations for companies operating in this field.