Huobi Sets Up Shop In Thailand After New Crypto Regulations

Huobi Thailand, which is a subsidiary of the Huobi Group, announced that they have gotten a license to set up a crypto exchange in the country.This is the fifth such license that the company has obtained according to news portal Finance Magnates. The soon-to-be launched platform will be going live this year and will provide both crypto-to-crypto and crypto-to-fiat trading services.This move can be hailed as a sign of changing times, as earlier this year, the Thailand Securities and Exchange Commission (SEC), had asked the citizens their feedback on cryptocurrencies.A press release from the regulatory body had said, “The SEC is seeking public comments on the proposed rules for data submission to the SEC Office by digital asset business operators and initial coin offering (ICO) portals. The proposal aims to promote a clear understanding and a standardized protocol for monitoring and supervision of digital asset businesses, and to reduce the necessity for case-by-case data submission.”It had added that the regulatory body was contemplating draft rules related to preparation and submission of data and information according to specific, standardized formats to facilitate ICO portals, digital asset dealers, brokers and exchanges in this matter while reducing their data submission on a case-by-case basis.Sakda Katekaew, the Chief Executive Officer (CEO) of Huobi Thailand said, “Huobi is one of the largest exchanges in the world by trading volume and has six years of experience providing safe and secure operations in digital asset trading. Our mission in Thailand is to provide Thai users with secure and reliable digital asset trading services through verified technical capabilities. We look forward to working with our partners in government and local enterprises.”Apart from exchanges, the country also green lit a portal for Initial Coin Offering (ICO) in the country. The portal announced that the board of directors of the SEC have given the approval for the portal which will help to screen ICOs, conduct due diligence, prove smart contract source codes and verify the know-your-customer process, earlier this year.Liked what you read? Join us on Telegram