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Bangkok crypto exchange Bitkub said to eye HK IPO
Bitkub, a Bangkok-based cryptocurrency exchange founded in 2018, is considering an IPO in Hong Kong, according to people familiar with the matter.
The company had previously weighed a listing in Thailand but is now exploring Hong Kong as the country’s stock market has performed poorly in 2025.
Bitkub may seek to raise around US$200 million as early as next year, though plans remain under discussion and could change.
Hong Kong has introduced a licensing regime for cryptocurrency platforms and aims to become a leading hub for digital assets, but overall trading activity is still limited.
A Bitkub IPO would add to the city’s effort to attract more non-Chinese listings, with Bloomberg Intelligence estimating that new share sales in Hong Kong could exceed US$40 billion this year.
🔗 Source: Bloomberg
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Implications, context, and why it matters.
Bitkub eyes Hong Kong as Thai rules cloud a local IPO
- Thai SEC scrutiny scuttled Siam Commercial Bank’s 2022 deal to buy 51% of Bitkub Online for 17.85 billion baht, and the agency sued Bitkub for alleged volume inflation 1. That overhang makes a Thai IPO risky despite plans to list on the Stock Exchange of Thailand by end 2025 2. The roughly US$200 million cited is a raise target, and CoinDesk in 2024 pegged valuation at more than 6 billion baht, about $165 million 1.
- Thailand’s stock market slumped in 2025. Hong Kong keeps crypto trading “limited” with only 11 licensed platforms as of June 2025 3, serving a market smaller than Bitkub’s base where it held a 77% share and about $30 million in daily volume in December 2023 4.
Compliance vendors can target Hong Kong’s expanding VATP ecosystem before Bitkub’s arrival
- Licensed VATPs in Hong Kong can custody assets not traded on their venues and integrate Shared Order Books with overseas affiliates (pooling buy or sell orders across venues) 5. That change drives demand for cross‑border KYC/AML, settlement risk tools, plus coordinated surveillance among the 11 licensees 3 and pending applicants 6.
- The SFC permits partnerships only with entities in FATF‑member jurisdictions that follow IOSCO guidelines 5. Compliance specialists with legal advisors can steer Hong Kong platforms and their partners. Cybersecurity firms including HSM vendors can support client asset segregation and cold storage with tamper‑resistant devices for cryptographic keys, blockchain‑native algorithms, plus role‑based access controls 7.
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