In recent news, Thailand’s K-Bank has made a significant move by acquiring a majority stake in the parent company of the Satang cryptocurrency firm.
Thailand’s Kasikorn Bank, often referred to as K-Bank, has made a major move in the digital asset space. They’ve successfully acquired 97% of the shares of Satang Corporation Co. Ltd’s parent company, which operates a digital asset exchange. This acquisition is valued at a substantial 3.705 billion Thai baht, equivalent to $102.8 million, and became effective on October 27.
Notably, the acquisition was executed through a new subsidiary of K-Bank called Unita Capital, which specializes in investments in digital asset companies in the Asian market.
K-Bank’s Strategic Move in the Crypto Space
With the completion of its acquisition of Satang Corporation, K-Bank is ready to embark on a new journey in the world of cryptocurrency. Satang will undergo a rebranding process, adopting the name Orbix, which will encompass three vital subsidiaries:
1. Orbix Invest: A digital asset fund manager.
2. Orbix Custodian: Focusing on safekeeping and security.
3. Orbix Technology: Devoted to blockchain tech development.
This strategic acquisition comes after K-Bank declared its intention to raise $100 million in funding earlier this year, emphasizing its commitment to Web3, fintech, and AI advancement.
K-Bank’s move into the crypto industry positions it in direct competition with Siam Commercial Bank (SCB), one of its major rivals. K-Bank aims to offer a comprehensive array of crypto-related services that are authorized in Thailand. Additionally, K-Bank has secured a crypto exchange license and is actively pursuing additional licenses in the crypto sector.
Thailand’s Crypto-Friendly Tax Changes
Thailand’s Tax Reforms: Earlier this year, Thailand unveiled its intentions to overhaul its income tax regulations for foreign earnings, starting in January 2024. By 2025, the country plans to introduce new tax reforms, displaying a welcoming stance toward cryptocurrencies.
Binance’s Move: In a significant development, Binance, the world’s largest crypto exchange, has secured a Digital Asset Operator license in Thailand. With the support of Gulf Innova Co. Ltd., Binance established Gulf Binance in Thailand in May of this year. This strategic partnership underscores the growing interest and acceptance of cryptocurrencies in Thailand.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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