Huobi Thailand, a subsidiary of cryptocurrency exchange Huobi Group, has gotten an official permit to function as a digital asset exchange in Thailand, the fifth permit of its nature ever issued within the nation.
Powered by Huobi Cloud, Huobi Thailand will launch in the third quarter of 2019 and will give both coin-to-coin trading and an on-and-off ramp for fiat money, a press release stated.
Last year, Thailand’s Securities and Exchange Commission (SEC) imposed new cryptocurrency regulations that more clearly characterized digital assets and ordered that cryptocurrency exchanges secure a permit in order to function lawfully. The strict directions were also executed to avoid 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,” Sakda Katekaew, CEO of Huobi Thailand, 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 collaborations that will offer assistance in expanding new markets like Thailand and enhance user experience.
In exchange, the firm says that partners get a variety of services, including coordinating frameworks, wallet systems, asset management, and clearing frameworks.