Thailand’s largest cryptocurrency exchange aims to list in Hong Kong when everything ‘goes back to normal’ as FTX collapse shakes confidence in industry
- Bitkub’s CEO prefers Hong Kong because of the city’s sound rule of law and high liquidity in its stock exchange
- Jirayut Srupsrisopa says cryptocurrency is a good product and he believes customers will continue to choose it in spite of FTX’s bankruptcy
Jirayut Srupsrisopa, founder and CEO of Bitkub Capital Group, said geographical location played a big part in his consideration for choosing Hong Kong over New York, as well as the Asian financial hub’s sound rule of law and high liquidity in its stock exchange.
“I think our strength is in the southeast Asean region,” he said, during an interview last week at the Asia-Pacific Economic Cooperation (Apec) summit. “So it’s better to be connected to the market closer to home.”
With confidence taking a blow around the world following the recent crash of FTX, one of the world’s biggest cryptocurrency exchanges which has filed for bankruptcy in the United States, Srupsrisopa remained unmoved about the future of digital assets.
“A few centralised companies mishandling customers’ funds or having very bad governance doesn’t mean that cryptocurrency is bad, right?” he said.
“Cryptocurrency is actually a much better product. And customers will always choose what is best for them.”
But the entrepreneur urged Hong Kong to speed up reforming its regulations for digital asset platforms, if it intended to woo his company and the like to expand in the city, although he stopped short of giving specific examples.