Huobi crypto exchange has achieved a new milestone. Thailand’s Finance Ministry has granted Digital Asset Trading License to Huobi’s subsidiary, Huobi Thailand exchange which makes it the country’s 5th exchange that received approval signal from the country’s finance ministry.
Huobi Thailand Becomes Incensed Exchange
Thailand is known to have quite favorable crypto regulations in contrast to countries that put the label of ban or strict policies for the crypto industry.
According to the latest report, with this new license, Huobi Thailand can now begin local fiat trading and crypto trading services across Thailand. Following the success of becoming a licensed crypto exchange, Sakda, head of Huobi Thailand states that;
Huobi Thailand will provide Thai users with secure and reliable digital asset trading services through Huobi Cloud’s verified technical capabilities.
Sakda further ensures that they’re keen to cooperate with the govt and local enterprises to explore Huobi Thailand. So far, Thailand Ministry has approved five crypto exchange, including Bitkub Online, Satang Corporation, a Digital Asset Broker, Bitcoin Exchange, and Huobi Thailand while it denied the application of three companies.
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, said Sakda.
Thailand and Crypto
Just to note, Thai SEC on May 2018 stated that every company operating the business involved in the digital asset must obtain the license from authorities. Existing companies can gain approval by applying for a permit within 90 days.
Upon submission, regulators will keenly scrutinize the sound management system, the background of the board and team members and ensure if the company contains cybersecurity check and other monitoring systems to analyze conflict of interest, etc.
As far as Huobi Thailand is concerned, it is said that Huobi Global plans to launch it in Q3 2019 while serving fiat to crypto and crypto-to-crypto trading. This arm is built on Huobi Group’s new product, Huobi Cloud, a platform that offers the construction of digital asset exchanges based on Huobi’s existing platform. Besides Thailand, the report surfaced in June states that Huobi Group expects to expand trading operations to Turkey with the crypto-fiat facility.
With more constructive approaches, Thailand is becoming the best spot for the crypto industry. Very recently, governor of Thailand’s central bank revealed that country’s regulators are also looking forward to Libra as they’re already in discussion with Facebook.
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