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Bitkub Plans Expansion in Southeast Asia

Topp Jirayut Srupsrisopa, the company's CEO and founder, aims to advance into additional Southeast Asian nations this year.

Bitkub Plans Crypto Expansion in SE Asia iBase Trading.
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Topp Jirayut Srupsrisopa, the company’s CEO and founder, aims to advance into additional Southeast Asian nations this year. Although Bitkub is not waging a brutal war with established trading networks in the region, like Indodax.

It is known to be one of Indonesia’s largest Bitcoin and crypto exchanges. According to Topp, it focuses on nations where there are no significant players.

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They’re going into a place where there isn’t a definite victor yet. Since they don’t want to get into a conflict with renowned players, they feel a network impact and economies of scale associating with this type of business. Therefore, he said we intend to be the first to offer a product.

His remarks come as Bitcoin, and other cryptocurrencies trade at record levels on the Bitkub platform in Thailand, the region’s second-largest economy, where policymakers are exploring new levies.

According to him, Cambodia, Myanmar, Laos, the Philippines, and Malaysia are some of the countries where the bitcoin trade has no obvious winner.

About Bitkub

Right now, he explained that they’re in the market research stage. Bitkub has not yet started official background research on its growth, which the company plans to support with existing profits, according to Topp. The company reported a net profit of BT5 billion ($152 million) in 2021.

Topp, a former investment banker and business consultant founded his first cryptocurrency company in 2014 from a free room in his parents’ Bangkok apparel store.

Siam Commercial Bank, Thailand’s oldest bank and a stakeholder of Thailand’s King Maha Vajiralongkorn purchased a 51 percent ownership in Bitkub in November. The value was $537 million, granting the company a more than $1 billion unicorn price. In Thailand and other Southeast Asian nations, competition for cryptocurrency investors has increased.

On the other hand, Binance, a cryptocurrency exchange, and Gulf Energy Development, a company run by Thai billionaire Sarath Ratanavadi, announced this week that they were launching a joint project to establish a digital asset exchange. Until it is significant and becomes a thing, Topp said of the prospective partnership. He went on to say that Bitkub was prepared to face competition. Also, he admitted that it was excellent for the industry.

He explained that it promotes advancement; it generates excellent outcomes for clients.

Thailand’s Crypto Roadmap

Crypto trading fueled by young Thais grew significantly throughout the pandemic, depressing the country’s tourism-dependent economy.

Thailand’s government has proposed the notion of levying a 15% withholding tax. This is on lucrative cryptocurrency sales, but the embryonic industry has expressed strong opposition.

Finally, there are numerous unknown variables regarding the implications. The questions are how to quantify them, create tax reports for users, and the strain on exchanges. This appeared to be a significant rush to implement this tax law.

Topp said that commenting on the potential tax would be supposition because the legislation had not been adequately disclosed.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

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Tanya Smith is an editor at iBaseTrading. With M.A. in Journalism and Mass Communication, she is pursuing her dream of creating a positive difference in the media industry. She also enjoys Fashion and Travelling.