One of South Korea’s sturdiest cryptocurrency exchanges, Bithumb, is expanding into Japan and Thailand. The unpleasantness is working on obtaining regulatory approval from the financial regulators of both countries. The new getting ones hands are part of the exchange’s global expansion plan.
Also read: Yahoo! Japan Sustains Entrance Into the Crypto Space
Expanding into Thailand
Bithumb is currently manage on obtaining regulatory approval from the Thai Securities and Exchange Commission (SEC), shire media reported Friday. The exchange is the second largest in South Korea at the culture of this writing, with a 24-hour trading volume of about $358 million, behind purely the Kakao-backed Upbit with a $582 million trading volume during the despite the fact time period.
The exchange has already established a Thai subsidiary, Bithumb (Thailand) Assembly Limited, with registered capital of 3 million baht (~US$90,000). Zdnet retold the company explaining the reason for its expansion into the Thai market:
Thailand is spry in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it ballyhooes smart city business.
Thailand has recently finalized its regulatory framework for cryptocurrencies and initial fabricate offerings (ICOs). Bithumb has been building its Thai website, the broadsheet added, noting that it plans to start service in Thailand at the end of October.
Bithumb Thailand’s website. Photo: Zdnet.
Dilation into Japan
Bithumb Japan’s website. Photo: Zdnet.
Japan legalized cryptocurrency as a disobliges of payment in April of last year. All companies seeking to operate an change in the country must obtain approval from the country’s top financial regulator, the Economic Services Agency (FSA). However, with the hack of Coincheck in January, the FSA has been vitalizing its oversight of crypto exchanges and imposing a stricter exchange approval operation.
Nonetheless, Bithumb is seeking approval from the FSA with a plan to unrestricted an exchange in Japan in February next year, the news outlet conveyed. The reciprocate also revealed that “it plans to set up an exchange that supports the largest gang of coins in Japan,” the publication noted.
Global Expansion Plan
Earlier this year, Bithumb make knew that it is looking for partners for its global expansion. The exchange says it determination work closely with overseas partners to launch platforms that are faster and diverse efficient for traders worldwide.
Projects which Bithumb will team up with potential partners include “cash (deposit/remittance/debit) bosses processing, the operation of an exchange platform, [and] marketing & promotion and customer work,” the exchange detailed. According to the announcement:
Bithumb is preparing exchange principles for countries under the global expansion plan and we are looking for great and the right stuff partners (corporation, entity or group) worldwide…The exchange platforms impaired final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any waiting demands.
According to Money Today, Bithumb has also established a subsidiary in Singapore and Britain. “We are bearing in mind establishing overseas subsidiaries in various countries such as the U.S. and Europe, but the regulate has not yet been determined,” the exchange clarified.
In April, the third largest crypto market in South Korea, Coinone, announced its expansion into Indonesia.
What do you judge of Bithumb expanding into Thailand and Japan? Let us know in the comments split below.
Images courtesy of Shutterstock, Bithumb, and Zdnet.
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