Huobi Thailand, a subsidiary of Huobi Group, has obtained a license in Thailand to start crypto trading operations in the country.
This is the fifth such license the crypto exchange has obtained in the country and is planning to go live in the third quarter of this year. The upcoming platform will offer both crypto-to-crypto and crypto-to-fiat trading services, according to the announcement.
The license has been obtained under the Thai Securities and Exchange Commission (SEC) which in 2018 mandated the procurement of approval from the watchdog for offering crypto trading services within the kingdom.
Commenting on the development, Sakda Katekaew, chief executive of the subsidiary, said: “Huobi is one of the largest exchanges in the world by trading volume and has six years of experience providing safe and secure operations in digital asset trading. Our mission in Thailand is to provide Thai users with secure and reliable digital asset trading services through verified technical capabilities. We look forward to working with our partners in government and local enterprises.”
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Becoming a global platform
The move by the Singapore-headquartered crypto exchange can be seen as its push to conquer the lucrative Southeast Asian market. It is already in the process of making a mark on the global crypto map.
In April, Huobi entered the United States to compete with the market leader Coinbase and started trading services with a handful of trading pairs. The company also entered Russia last year and most recently opened a new office in Turkey.
The exchange also operates a fully regulated crypto trading platform in Japan and also obtained a DLT license in Gibraltar.
Meanwhile, Thailand is becoming one of the lucrative spots for crypto exchanges. Earlier this year, a report revealed that the country ranks second for ownership of digital currencies. The country is also inclined towards the benefits of cryptocurrencies and its central bank governor recently revealed that the regulator is in talks with Facebook over Libra.