Huobi Group, a leading Singapore-based digital assets exchange, has announced that its Thailand-based subsidiary Huobi Thailand has secured an official license that would enable it to operate a crypto exchange in the country. Huobi Thailand will offer crypto-to-crypto trading as well as an on-and-off ramp for fiat currency, starting from Q3 2019, according to a press release published on Bitcoin Magazine.
Huobi Thailand will be powered by HuobiCloud and it will operate as an officially regulated exchange, making it possible for citizens and residents to easily buy supported virtual currencies with fiat money and vice versa.
“Our mission in Thailand is to provide Thai users with secure and reliable digital asset trading services through verified technical capabilities,” CEO of Huobi Thailand Sakda Katekaew said in the release. “We look forward to working with our partners in government and local enterprises.”
Local partners would help Huobi to expand its market share in Thailand, as well as improve its services. The company promises various services, such as matching systems, wallet systems, asset management, and clearing systems to attract prospective partners.
Thailand’s Securities and Exchange Commission (SEC) launched new regulations for cryptocurrency last year stipulating that cryptocurrency exchanges based in the country apply for a license in order to operate legally.
In addition to regulating crypto activity, the Thai government is also showing interest in the distributed ledger technology underpinning digital tokens. The Bank of Thailand had earlier initiated Project Inthanon as a mechanism for collaboration with commercial banks and blockchain firms, with one of the goals being the development of a CBDC (Central Bank Digital Currency).
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