Crypto enthusiasts in Thailand have a reason to rejoice. According to the latest reports, Huobi has now been granted the Digital Asset Trading License by the Finance Ministry of Thailand. The license has been given to the Thailand subsidiary of Huobi, called the Huobi Thailand, making it only the 5th licensed exchange platform in the country.
By availing this license, Huobi will be able to offer trading services in both local fiat and crypto that would comply with the country’s policies. Upon receiving the license, Huobi Thailand’s CEO, Sakda, came forward to share their views. Sakda stated that Huobi will offer reliable and secure trading services of digital assets to the Thai users through the verified technical proficiencies of Huobi Cloud. For those who came in late, Huobi Thailand has been built on the Huobi Cloud that offers the one-stop solution for digital asset exchanges globally.
Continuing further, Sakda said that post entering Thailand, Huobi would actively work side by side with the local entities as well as the government to explore blockchain application scenarios. The CEO also brought attention to the fact that in the crypto trading space, Huobi has successfully secured a place in the list of the world’s biggest exchanges in terms of the trading volume. It has completed 6 years providing its users with safe operations.
The crypto scenario in Thailand
Thailand has gradually started providing a safe environment for digital asset traders over the past two years. It has formed quite favorable regulations when it comes to digital assets. In May last year, the digital assets regulator of Thailand, known as SEC, had mandated every firm engaged in the digital assets space to acquire a license from the authorities. It had also made it mandatory for all the existing digital assets firms to submit their license applications within a period of 90 days.
While considering license applications, the regulators concentrate on many factors – whether the license applicant possesses a good management system, a monitoring system for identifying a conflict of interests, regular cybersecurity checks, and much more. They also review the management and board team members’ background.
So far, only 4 other companies, namely Satang Corporation, Bitkub Online, Bitcoin Exchange, and a Digital Asset Broker, besides Huobi Thailand, have received such licenses from the ministry. There were three more firms that had applied for the license, but their applications have been rejected.
Apart from this, the Thailand government has also been exploring other blockchain apps. In fact, the Bank of Thailand revealed in August that they are developing their own virtual currency called Intanon. It will have its basis on CORDA and R3 platform’s DLT. It aims to utilize the technology of blockchain to enhance interbank payments efficiency. What’s more interesting is that the project is being supported by Thailand’s 8 commercial banks, including HSBC and Standard Chartered Bank of Thailand.