Huobi Obtains Thailand's 5th Digital Asset License
Huobi Thailand will include both coin-to-coin trading and a fiat onramp.
Jul 25, 2019, 12:38 ET
BANGKOK, July 25, 2019 /PRNewswire/ -- Huobi Group is proud to announce that Huobi Thailand, powered by Huobi Cloud, has obtained Thailand's fifth license to operate a digital asset exchange in the country. Huobi Thailand is expected to launch in Q3 of 2019 and will incorporate both coin-to-coin trading and an on and off ramp for fiat currency.
"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," Sakda Katekaew, CEO of Huobi Thailand.
As part of Huobi Group's global expansion strategy, Huobi Cloud seeks out suitable local partners to collaborate with. By working with these partners, Huobi Cloud can quickly adapt to local culture and expand into local markets to better meet the needs of users. Huobi Cloud also serves as a one-stop solution for those seeking to open their own digital asset exchanges. Huobi Cloud allows partners to quickly build secure and stable digital asset exchanges and OTC services using Huobi's expertise and technology. Partners can enjoy order matching systems, wallet systems, asset managements, and clearing system of equal standards to Huobi Global and with shared depth, liquidity, and market data. Huobi Cloud has helped launch more than 120 digital asset exchanges, including exchanges in Russia, the UK, Africa, Hong Kong, Singapore, Indonesia, Canada, and Brazil.
In 2018, Thailand's Securities and Exchange Commission (SEC) brought cryptocurrency under its regulatory control and mandated that businesses like crypto exchanges obtain a license to operate. The SEC's regulations clearly define and classify digital assets, the business scope of digital assets, and sets down strict prohibitions and punishments against insider trading and market manipulation.
In addition to regulated exchanges, Thailand's government is also actively exploring other blockchain applications. In August of last year, for example, the Bank of Thailand announced the development of Inthanon, its Central Bank Digital Currency (CBDC) based on R3's Corda platform. Eight banks, including Standard Chartered Bank and HSBC, announced support for the project.
Huobi has been a pioneer in the regulated exchange space. Its strategic partner in the United States holds a MSB as well as MTL licenses in 12 states. Huobi Japan currently operates as a fully regulated exchange under Japan's Financial Services Agency (FSA). In addition, Huobi obtained one of the first DLT license under Gibraltar's purpose build regulatory regime for digital assets.
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About Huobi Group:
Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established in 2013, Huobi Group's accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries. For more info, visit www.hbg.com
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SOURCE Huobi Group
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