Huobi has secured the license for its Thailand-based subsidiary to operate as crypto exchange service provider in the country.
On July 24 Huobi Group announced that its Thailand branch will launch in Q3 2019 its exchange which will provide crypto and fiat regulated trading services. This is the fifth license the service has acquired for its trading venues.
Huobi Thailand is based on Huobi Group’s Huobi Cloud platform, a software which was rolled out last summer to enable the development of other digital asset exchanges on Huobi’s current platform.
The platform facilitates Huobi’s global expansion plan as it facilitates the creation of trading platforms with order matching systems, wallet management, and asset distribution.
This announcement shows that Huobi Cloud is sticking to its strategy to integrate its technology into 120 exchanges all over the world. They aim to implement the cloud in countries such as Russia, the United Kingdom, Hong Kong, Singapore, Indonesia, Canada, and Brazil.
Huobi Group announced this June its plan to expand into Turkey with a crypto-to-fiat exchange service. The move to Turkey is probably related to the fact that the country has the “highest per capita rate of cryptocurrency ownership of all nations surveyed”, according to Statistica’s Global Consumer Survey for 2019.
Thailand is also a country with a pro-crypto attitude which has created a formal regulation for its domestic crypto market, which brought the sector into the attention of the Securities and Exchange Commission (SEC) in 2018.
France has also taken to change its crypto regulatory sector, with the country’s Finance Ministry looking to regulate Initial Coin Offerings (ICO).
The ministry issued this year business licenses to four crypto-related firms which were recommended by the Thai SEC Board. The two other applicants that did not meet the Thai SEC requirements were not approved for the license.
Huobi Global is at the moment the 13th largest exchange globally by adjusted volumes, with $990,863,239 in trades over the 24 hours, according to CoinMarketCap data.
Featured image: Bitcoin Exchange Guide
