The Thailand subsidiary of cryptocurrency exchange company Huobi Group has received one of the first digital asset licenses in the country.
Huobi Thailand, a subsidiary of the Singapore-based cryptocurrency exchange Huobi Group, has obtained an official license to operate a digital asset exchange in Thailand, the fifth license of its nature ever issued in the country.
Powered by Huobi Cloud, Huobi Thailand will launch in Q3 of 2019 and will provide both coin-to-coin trading and an on-and-off ramp for fiat currency, according to a press release shared with Bitcoin Magazine.
In 2018, Thailand’s Securities and Exchange Commission (SEC) implemented new cryptocurrency regulations that more clearly defined digital assets and mandated that cryptocurrency exchanges acquire a license in order to operate legally. The strict regulations were also implemented to prevent insider trading and market manipulation.
“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."
The Huobi Cloud is actively searching for local partnerships that will help it adapt and expand in new markets like Thailand and improve user experience. In exchange, the company says that partners receive a variety of services, including matching systems, wallet systems, asset management and clearing systems.