Crypto Exchange Bithumb Expanding to Thailand And Japanbr>
South Korean cryptocurrency exchange Bithumb is planning to expand into Thailand And Japan
Bithumb, one of the biggest crypto exchange in the world, said that it is currently working on obtaining regulatory approval from the Financial Services Agency of Japan and the Securities and Exchange Commission of Thailand. The new locations are part of Bithumb’s global expansion plan.
The government of Thailand recently finalized its regulatory framework for cryptocurrencies and initial coin offerings (ICO). Under the new law, domestic crypto exchanges, ICO operators, and independent crypto brokers and dealers are required to register with the SEC within 90 days of the law taking effect.
Bithumb said that it has already established a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (~US$90,000). The exchange added that it expects services in Thailand to begin at the end of October.
“Thailand is active in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it promotes smart city business,” Bithumb said.
In June 2016, Japan’s Bank Act and the Payment Services Act were amended to cover cryptocurrencies. In the new version, cryptocurrencies were redefined to allow them to be used for payment of goods and services. The law went into effect in April 2017, which effectively made cryptocurrency legal tender within the country and requires crypto exchanges to register with the FSA. However, with the hack of crypto exchnage Coincheck earlier this year, the FSA has been strengthening its oversight of crypto exchanges and imposing a stricter exchange approval process.
Nonetheless, Bithumb said it is applying for approval from the FSA in order to open an exchange in the country in February 2019. It plans to set up an exchange that supports the largest number of coins in Japan.
“Japan currently accounts for more than 50 percent of the global crypto exchange market, and the Japanese government is playing a vital role in regulating the cryptocurrency sector,” Bithumb said.
Bithumb added that in the coming months, they will continue to target the Asian crypto market with an intent of providing crypto-to-fiat support in every region that has regulated cryptocurrency trading.