Korean Exchange Bithumb Expanding Into Thailand and Japan
Bithumb,a major Korean Exchange is planning to launch in the Japanese and Thai cryptocurrency market. It is working towards obtaining approval from the financial regulatory bodies of these countries.
Bithumb is the second largest exchange in South Korea with a 24 trading volume of $358 million behind Upbit that has a trading volume of $582 million trading volume during the same period.
The exchange has already established a Thai subsidiary called Bithumb(Thailand) company limited that has a registered captial of 3 million baht ($90,000). The company gave the following as its reason for expansion into the Thai market
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.
This interest in crypto comes in the form of Thailand finalizing its regulatory framework around crypto and ICOs. Bithumb is working on building its Thai website with plans of starting operations in the country in end of October.
Japan is a lucrative market as the country legalized cryptocurrency for payment in April 2017. All companies that want to deal in cryptcurrencies have to obtain permission from the Financial Services Agency(FSA) of the country, however, they have increased regulations and control in light of the Coincheck hack in January.
Despite this, Bithumb is seeking approval from FSA to set up its exchange in February of next year. This exchange is planned to support the largest number of coins compared to other existing exchanges in the country.
This expansion into Japanese and Thai markets is under Bithumb’s global expansion plan. The exchange announced earlier this year that it will work closely with overseas partners to launch faster and more efficient platforms for traders around the world.
Bithumb has also established subsidiaries in Singapore and Britain. While largely limited to mostly Asia right now, the exchange announced,
We are considering establishing overseas subsidiaries in various countries such as the U.S. and Europe, but the time has not yet been determined.
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