Huobi Thailand, a subsidiary of Singapore-based Huobi Group, has officially received approval to operate a digital asset exchange in Thailand, marking the country's fifth such license issuance.
According to Bitcoin Magazine, the Huobi Cloud-powered platform will launch in Q3 2019, offering both crypto-to-crypto and fiat currency trading services.
Huobi Thailand Collaborates with Thai Government and Local Enterprises
Founded in 2013, Huobi Group comprises numerous upstream and downstream enterprises and stands as a global leader in blockchain technology. Through its Huobi Cloud division, the company actively seeks local partnerships to facilitate market adaptation and expansion into new territories like Thailand while enhancing user experience. Partners gain access to comprehensive services including matching systems, wallet solutions, asset management, and clearing systems.
During the announcement, Huobi Thailand CEO Sakda Katekaew stated:
"Our mission in Thailand is to provide secure, reliable digital asset trading services through proven technological capabilities. We look forward to collaborating with government agencies and local business partners."
Thailand's Cryptocurrency Regulatory Framework and Development
Over the past two years, Thailand has refined its digital asset legislation to create a secure investment environment. Key milestones include:
May 2018: The Thai SEC implemented new cryptocurrency regulations that:
- Clearly defined digital assets
- Mandated licensing for all operational crypto exchanges
January 2019: Four companies received operational licenses:
- Bitcoin Exchange Co., Ltd.
- Bitkub Online Co., Ltd.
- Satang Corporation
- Coins TH Co., Ltd.
Regulators prioritize applicants':
- Comprehensive management systems
- Background checks of board members and executives
- Conflict-of-interest monitoring systems
- Cybersecurity protocols
Beyond regulated exchanges, Thailand actively explores blockchain applications. In August 2018, the Bank of Thailand announced development of its official cryptocurrency "Intanon", designed to:
👉 Enhance interbank payment efficiency using R3's Corda distributed ledger technology
Eight major commercial banks, including Standard Chartered and HSBC, support this initiative.
FAQ: Thailand's Crypto Landscape
Q: How many licensed crypto exchanges operate in Thailand?
A: Thailand has issued five licenses, with Huobi being the latest recipient.
Q: What services will Huobi Thailand offer?
A: The platform will provide both crypto-to-crypto trading and fiat currency transactions.
Q: What makes Thailand's crypto regulations unique?
A: The framework emphasizes investor protection with strict anti-manipulation rules and mandatory cybersecurity measures.
Q: What was Thailand's first licensed exchange?
A: Bitcoin Exchange Co., Ltd. was among the initial four licensees in early 2019.
Q: How does Huobi plan to adapt to the Thai market?
A: Through local partnerships and its 👉 proven Huobi Cloud infrastructure.
Q: What blockchain projects is Thailand developing?
A: The Bank of Thailand leads the Intanon project for interbank settlements using distributed ledger technology.