Bithumb Crypto Exchange Set to Establish Japan and Thailand Subsidiaries
Bithumb to Establish Subsidiaries in Japan and Thailand
Bithumb, one of the most prominent digital currency trading platforms in South Korea, is expanding operations into Japan and Thailand. As of now, Bithumb averages a daily trading volume of $360 million, making it the second largest exchange in South Korea. For some time now, the firm has been embarking on a global expansion project, and the establishment of the premise in the two countries mentioned above is a major step towards the realization of this goal.
Presently, the Bithumb virtual currency exchange is looking to obtain the relevant accreditation's form the Thai Securities and Exchange Commission. To this end, the platform has already launched its subsidiary in the country, known as the Bithumb (Thailand) Company Limited, which has a capital worth $90,000. As per Bithumb, the reason behind entering the Thai market is due to the local government’s support of digital currencies. Recently, Thailand passed regulations concerning cryptocurrencies and ICOs. Bithumb is expected to inaugurate its services in Thailand in the final quarter of 2018.
Moving Into Japan
In April 2017, Japan legalized the use of digital currencies in the acquisition of goods and services. To operate a cryptocurrency trading platform in Japan, companies have to be accredited by the Financial Services Agency (FSA), the nation’s foremost fiscal regulator. However, Japan FSA has recently imposed more stringent admission criteria, after the hacking of Coincheck earlier this year. Bithumb, nevertheless, remains confident that the FSA will grant their request to start operation in Japan in February 2019. Reportedly, the Jan Bithumb exchange will be the biggest multi-asset trading platform in the entire country.
Global Expansion Project
At the beginning of 2018, Bithumb proclaimed that they are searching for partners for their global expansion project. Precisely, the platform was looking for overseas associates to establish subsidiaries that provide services on a global scale. The eligible potential partners may be either corporation, individuals or groups of investors. To facilitate this vision, the Bithumb exchange has been expanding its portfolio of fiat currencies, including all major currencies such the US dollar, Indian Rupee, Australian Dollar, UK Sterling Pound, Euro, and so on.
Additional reports claim that Bithumb as already opened subsidiary platforms in the UK and Singapore. However, Bithumb officials refuted the claims, saying that while the company is working towards the establishment of overseas branches, particularly in Europe and America, the timeframe for this process is yet to be developed. Seemingly, Bithumb is following in the steps of the Coinone exchange, a South Korean firm that recently expanded into Indonesia.