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In an interview with the South China Morning Post, Jirayot Srupsrisopa, the chief executive officer of the third-largest cryptocurrency exchange in Thailand, Bitkub, stated that the platform is focusing on shifting in Hong Kong till 2024.
Srupsrisopa revealed that geographical location is the factor that influenced him to choose Hong Kong and not New York, along with the Asian financial hub’s sound rule of law and high liquidity in its stock exchange.
In an interview with the Asia-Pacific Economic Cooperation summit, the CEO highlighted, “In my view, our main power is in the Southeast Asian part, so it is great to be linked with the market close to home.”
After the collapse of FTX, the entire market, along with investors and giants, is in shock. However, Srupsrisopa is still constant regarding the future of digital assets.
According to the CEO, some of the centralized firms are mismanaging clients’ money or have bad management doesn’t mean that the entire crypto is bad. Crypto in real is a much better thing, and clients will always pick things that are bestest for them.” However, he requested Hong Kong to accelerate improving its laws for virtual asset platforms.
“Hong Kong has often been dominating in the financial industry. But to keep this thing continuing and leading, you people should have liberty and more open laws and be more open-minded to welcoming new technologies.”
His firm operates BitKub, a Bangkok-based crypto exchange. The company stated that BitKub leads up to 90 percent of digital coin transactions in the country, possessing a trading volume of 23 billion Thai baht every day.
Srupsrisopa mentioned that in 2024 they can expectantly go public at the time when everything will be normal. Also, we are in the first phase of facing things.”
In contrast with Singapore, frequently seen as the city’s arch-rival, Srupsrisopa said Hong Kong possessed higher liquidity, which means that it was much more comfortable to change assets into cash. At this time, the Hong Kong stock exchange has almost 40 registered companies from Thailand.
The Financial Secretary of the company, Paul Chan Mo-Po, newly guaranteed to “carry forward the digital asset industry growth in Hong Kong gradually and brilliantly.”
Srupsrisopa highlighted that currently, their aim is stuck on the Southeast country, but requests Hong Kong to intensify its game.
Astonishingly, Thailand is more developed,” he stated, highlighting Hong Kong’s slow adoption process to identify digital assets as real money.
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Thai Crypto Exchange to list in Hong Kong: Report – The Coin Republic