Update (June 13, 10:40 am UTC): This article was updated with comments from the CEO of Kucoin BC Wong.
Cryptocurrency Exchange Kucoin launched a local subsidiary fully regulated in Thailand after having acquired an operational license from the Securities and Exchange Commission of the country (SEC).
Kucoin Thailand is the first completely regulated local digital asset exchange. In a Friday announcementKucoin said the launch reflects his commitment to security and compliance, citing his recent SOC 2 Type II and ISO 27001 certifications.
“This marks an important step towards strengthening our presence on the rapid growth markets of Southeast Asia, and more importantly, providing secure crypto services and accessible to users where they are,” said Kucoin BC Wong CEO.
In relation: Thailand to block Bybit, OKX and other Crypto exchanges on June 28
Addressing Cointelegraph, Wong stressed Kucoin’s preference for Thailand as a starting point for regulated expansion:
“The combination of regulatory clarity by Thailand, market potential and government support have made it an important step in their global compliance strategy.”
Kucoin develops approved commercial operations by acquisition
Kucoin entered the Thai market by acquiring a local crypto exchange, Erx Company, which was the first exchange of digital tokens supervised by the SEC.
The platform was renamed in Thailand in Kucoin on April 22. All existing ERX users have since been migrated to the new Kucoin platform.
The exchange is registered with the Ministry of Commerce of Thailand from April 30.
The registration of Kucoin Thailand is confirmed. Source: Dry Thailand
Wong told Cointtelegraph that Kucoin Thailand is currently providing trading spot and Baht Fiat on / off ramp services. “While Kucoin Global takes care of a wide range of products for international users, we plan to develop locally in accordance with market regulations and demand,” he added.
Thailand is home to eight other exchanges of crypto under license, notably Waan Exchange, Gulf Binance, Thai Digital Assets Exchange, Innostx Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub online and Orbix Trade.
Kucoin aims to capitalize on the plan of the Thai government to allow crypto payments for tourists through credit card integrations.
Review: Older investors risk everything for a retirement funded by Crypto
