It’s no secret that opportunities for Southeast Asian crypto traders are growing by leaps and bounds.
Throughout this region, public and private entities are helping people actualize their potential through crypto investment. Entrepreneurs from around the world have moved to Southeast Asia to get into the local crypto industry.
Bitkub is one of the local companies inspiring crypto enthusiasts worldwide. Based in Thailand, Bitkub is one of the most dynamic companies with upcoming IPOs. In a recent interview, Bitkub CEO Topp Srupsriropa revealed some interesting plans.
Planning A Bold but Cautious Expansion Strategy
According to Topp, Bitkub is moving into several new national markets without clear corporate leadership. Topp was quick to stress that Bitkub has no plans to engage in aggressive expansion.
It seems that Bitkub has no desire to engage in a no-holds-barred conflict with any superpower firms outside of Thailand. Bitkub will not move to challenge Indomax, a major Bitcoin exchange in Indonesia.
Instead, Bitkub is expanding into nations that lack clearly dominant crypto giants. This will allow the company to make massive gains without stepping on too many toes.
Thailand boasts the second-largest economy in Southeast Asia. As a result, Thailand holds a special place in the regional economy. Wherever Bitkub expands its operations, it is likely to create a network effect that will benefit other crypto companies.
According to Topp, Bitkub may specifically target Cambodia, Laos or Malaysia. These are some of the countries where crypto trading entrepreneurs have plenty of room to maneuver. Reportedly, Bitkub is also eyeing Myanmar and the Philippines as potential theaters of expansion.
Bitkub’s Meteoric Rise in the Crypto Industry
For right now, Bitkub’s expansion is still in the preliminary planning phase. In fact, Bitkub hasn’t even formally begun due diligence. Topp is an ideal figure to guide Bitkub as it makes big institutional strides.
A former banker, Topp created his first crypto firm in 2014. By 2021, Bitkub made a reported $152 million in profits. Quite a few investors are lining up to invest in Bitkub when the company goes public.
The prestigious Siam Commercial Bank already took a 51 percent stake in Bitkub. Remarkably, Bitkub has already been valued at over $1 billion.
Like many other regions, Southeast Asia is witnessing major competition in the crypto industry.
In this environment, only well-managed companies are likely to thrive. In Thailand, crypto trading saw massive growth throughout the COVID-19 pandemic.
With the onset of the pandemic, Thailand lost a good deal of crucial tourism revenue. Crypto provided opportunity for a nation that was seeing many financial challenges.
Thailand has so many Bitcoin traders that the country is considering a new tax on crypto. If the new measure is implemented, Thailand will impose a 15 percent withholding tax on all profitable trades. Naturally, the crypto industry is doing what it can to push back against this nascent tax.
Whether or not the tax is implemented, Bitkub should continue to be a leader in the Southeast Asian crypto industry.
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