Huobi Expands to Thailand: Regulated Crypto Exchange Set to Take-off in Q3 2019
Crypto exchange, Huobi will be expanding its services to Thailand as the fifth regulated crypto exchange according to a press release shared with BitcoinExchangeGuide. Referencing an announcement made by the team on Wednesday, July 24, the news outlet reported that said endeavor will come into effect in the third quarter of 2019.
Details regarding the foundation of the crypto exchange have also been revealed in which Huobi Thailand will supposedly rely on Huobi Group’s “Huobi Cloud Platform”. The latter launched midway 2018 is expected to aid in creating digital asset exchanges on Huobi’s existing platform.
This being said, Huobi Cloud is planned to be used in 120 future, exchange launches in countries including Russia, the UK, Hong Kong, Singapore, Indonesia, Canada, and Brazil elaborated the news outlet.
According to Huobi, Thailand has been scrutinizing crypto exchanges and digital assets for some time now. This has led to more stern control over how said activities are to be conducted. Since 2018, the country has placed regulatory frameworks which require crypto exchanges to abide by.
Given the extent in which Thailand is monitoring crypto assets and exchanges, the fact that Huobi has been provided with the necessary licenses with the Thai Securities and Exchange Commission (SEC)’s approval is definitely a good start to their expansion goals.