How SCBX got cold feet after ambitious bid for Bitkub stake

13 Sept 11:54 Key points summarised by AI

SCBX's ambitious 17.8-billion-baht bid for a majority stake in Bitkub Online, Thailand's largest crypto exchange, was approved in late 2021.
The deal unraveled by August 2022 amidst a severe global cryptocurrency market crash, causing digital asset values to plummet and leading to bankruptcies of major crypto firms.
Concerns arose from Bitkub's regulatory scrutiny, a widespread loss of investor confidence in digital assets, and a global economic liquidity squeeze.
Increased regulatory interventions worldwide, including bans on crypto as payment and stricter advertising rules, further curbed the growth potential and appeal of digital assets, prompting SCBX's withdrawal.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.