Crypto Exchange Upbit To Expand To Thailand And Indonesia

Announcements, News | November 12, 2018 By:

Upbit, one of South Korea’s largest cryptocurrency exchanges, is set to expand into Thailand and Indonesia.

Local media Edaily reported that Upbit is marketing new crypto exchanges in Thailand and Indonesia in their local languages and has also set up websites for each exchange. The Thai exchange will reportedly list 131 tokens and 241 trading pairs. While the Indonesian exchange will offer 156 crypto assets and 276 trading pairs.

“Both countries appreciate the growth potential of the cryptocurrency industry,” Upbit said. “Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.”

The Thai government, which enacted crypto regulations in May of this year, is currently evaluating 20 crypto companies seeking to offer crypto exchange services in the country. In Indonesia, the Trade Ministry Futures Exchange Supervisory Board signed a decree to regulate cryptocurrencies as commodities.

The new crypto exchanges is part of Upbit’s active push to expand across the Asian market. In February of this year, the company announced its expansion in Singapore, citing the country’s strong support for blockchain and related technologies as the reason why it picked Singapore as its first overseas destination.

“From the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market,” Lee Seok-woo, CEO of Upbit.