Bitcoin Exchange Huobi Launches Localized Crypto Exchange in Thailand
Ricardo Martinez | Mar 05, 2020 | 12:31
Huobi Thailand is launching a crypto-asset to Baht, Thailand’s national currency, powered by Huobi’s cloud platform. The platform is licensed by Thailand’s Ministry of Finance and will offer regulatory-compliant crypto trading to Thai investors.
Huobi Strengthens its Presence as a Global Brand
Huobi is expanding its reach as a global cryptocurrency business by expanding into S.E. Asian crypto markets, this time in Thailand. Huobi Thailand will be using Huobi’s cloud platform to offer regulatory compliant trading of crypto-assets in Baht.
Trading will initially be offered in BTC, ETH, USDT, and Huobi Token (HT), although future plans include adding a variety of popular crypto-assets to the platform. BCH, BSV, LTC, and XRP are the first coins slated to be added shortly.
Huobi Group’s VP of global business said: “The launch of Huobi Thailand brings us one step closer to our goal and marks a new milestone in our global expansion.”
Huobi’s expertise in the industry allowed them to get the blessing to launch from Thailand’s Ministry of Finance, the nation’s regulatory authority, which granted Huobi a Digital Asset License. Huobi’s native token HT will also benefit, as the first and only HT to Baht market.
Huobi’s expansion into Thai markets also includes plans to offer lending services based on a Baht-backed stablecoin called Thai Baht Digital (TBD), which will have 1:1 reserves of Baht.
Huobi also plans a payments system which utilizes HT and TBD, as Thailand goes cashless, Huobi plans to seek new opportunities.
Thailand Has Passed Crypto-Friendly Regulations
At first, Thailand, like many nations, asked their banks to avoid doing business with Crypto startups in 2018, although that initial chilly sentiment rapidly changed.
In 2019, Thailand passed a crypto-friendly regulatory framework, as a way to entice startups to launch in Thailand. Thailand’s regulatory structure for crypto has been praised for providing well-defined rules for exchanges, crypto-assets, and digitized securities tokens.
It seems that Huobi also likes the regulatory environment in Thailand, as they chose it for their most recent expansion efforts. Allowing Thai investors to participate in the crypto revolution will be mutually beneficial as Huobi’s success will put Thailand on the radar of other Asian crypto startups.
Huobi is the 4th largest crypto exchange in the world by liquidity. It was initially founded in China, but now has offices in the US, Singapore, Beijing, S.Korea, Japan, and now, Thailand. Its Beijing office acts as a blockchain research and development arm.
What do you think of Huobi’s entry into Thailand’s crypto markets? Let us know in the comments!
Image via Shutterstock
