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Thailand’s second-largest bank, Kasikornbank Pcl, is charting a course to develop a digital-asset ecosystem, providing a unique funding avenue for companies. 
With the recent acquisition of <a href="https://crypto.news/tag/thailand/" target="_blank" rel="noreferrer noopener">Thai</a> licensed crypto exchange, Satang Corp., Kasikornbank is now encouraging some clients to explore token issuance for fundraising purposes, the bank’s co-president Pipit Aneaknithi told Bloomberg in an <a href="https://www.bloomberg.com/news/articles/2023-12-19/kasikornbank-paves-way-for-thai-firms-to-tap-crypto-tokens-for-fund-raising" target="_blank" rel="noreferrer noopener">interview</a>. 
Aneaknithi emphasized the potential cost-effectiveness of issuing <a href="https://crypto.news/tag/news/" target="_blank" rel="noreferrer noopener">tokens</a>, adding that developments in the crypto space will be “cost-efficient” compared with existing markets. 
<blockquote class="wp-block-quote"> 
 “We’re advising some clients to issue tokens for fundraising. We see potential in this market. We’re serious about developing a digital-asset ecosystem that will be very cost-efficient compared with existing, traditional platforms.” 
 Pipit Aneaknithi 
</blockquote> 
Despite Kasikornbank’s efforts, Thais remain cautious in the aftermath of the 2017 boom and subsequent market crash. According to Bloomberg, in November, Thailand recorded approximately 116,000 active crypto trading accounts, significantly lower than the peak of around 700,000 in 2021, as indicated by official data. 
Nevertheless, Aneaknithi emphasized Kasikornbank’s commitment to navigating the crypto landscape with caution, stating that “with the proper supervision being put in place in many countries, the time is ripe for healthy expansion.” 
 You might also like: <a href="https://crypto.news/thailand-delays-15b-crypto-giveaway-citing-security-concerns/"> Thailand delays $15b crypto giveaway citing security concerns </a> 
In October, Kasikornbank <a href="https://crypto.news/thailands-fourth-largest-bank-invests-103m-in-local-crypto-exchange/" target="_blank" rel="noreferrer noopener">acquired</a> 97% of Satang’s shares through Unita Capital, a subsidiary with a registered capital of nearly $103 million, as per regulatory filings. As part of the acquisition, Kasikornbank intends to rename Satang as Orbix Trade Co. Ltd. 
Established in 2017, Satang stands out as one of the few crypto exchanges in Thailand that is regulated by the Securities and Exchange Commission. In 2022, Thailand’s financial watchdog <a href="https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9619&amp;NewsNo=160&amp;NewsYear=2565&amp;Lang=TH" target="_blank" rel="noreferrer noopener">imposed</a> civil sanctions on Satang and four other crypto exchanges for falsifying trading volumes. 
 Read more: <a href="https://crypto.news/thailand-introduces-tax-on-overseas-crypto-earnings-from-2024/"> Thailand introduces tax on overseas crypto earnings from 2024 </a>

Thailand’s second-largest bank embraces crypto fundraising

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