Bithumb, the second largest in South Korea has announced that it is expanding its operations to Thailand and Japan. The exchange has announced that it is securing regulatory approvals from regulators in the two countries.
Bithumb’s move to Thailand
The exchange has announced that it is working on obtaining regulatory approval in Thailand. Local media reports indicated that Bithumb is seeking the approval from the Thai Securities and Exchange Commission (SEC). Bithumb currently has a trading volume of around $356 million. The largest exchange in the country is Upbit, which is supported by kakao. Upbit has a trading volume of $582 million.
Bithumb will have a good start in Thailand as it already has a subsidiary in the country called Bithumb (Thailand) Company Limited. The subsidiary has a capital of around $90,000. In a statement, the exchange said that Thailand is viewed as a very active and vibrant e-commerce and fintech industry. Bithumb also said that the government has also showed a lot of interest in cryptocurrency.
Recently Thailand launched its regulatory framework for digital currencies as well as Initial Coin Offerings (ICO). In preparation for its launch in Thailand, the exchange has been building a website. The company is expected to officially launch its operations in the country by the end of October.
At the state of this year, the exchange announced that it was seeking partners in the international market to drive its global expansion. Bithumb has announced that it will be looking to work closely with international partners so as to develop platforms which are faster and more efficient.
Some of the projects that the exchange will be seeking partnership include the operation of an exchange platform, cash management processing, customer service, marketing and promotion.
According to media reports, the exchange has also set up subsidiaries in Britain and Singapore. This is part of the company’s wider expansion strategy. The company has indicated that it will be expanding operations in several locations in Europe and the U.S. The exchange did not however give time lines on when these subsidiaries will be opened.
Recently, Coinone, the third largest digital currency exchange in South Korea announced that it was expanding its operations in Indonesia.