SINGAPORE, July 25, 2019 - (ACN Newswire) - Thailand's Ministry of Finance has officially granted the 5th digital asset
trading license, which makes Huobi the fifth licensed digital asset exchange in Thailand to operate digital asset
trading in compliance and permits it to start local fiat trading and token trading services.
"Huobi Thailand is built on Huobi Cloud, which provides a one-stop solution for global digital asset exchanges. Huobi
Thailand will provide Thai users with secure and reliable digital asset trading services through Huobi Cloud's verified
technical capabilities. In the field of digital asset trading, Huobi is one of the largest exchanges in the world by
trading volume and has accumu-lated six years of experience in safe operation. After entering Thailand, Huobi will also
actively cooperate with the government and local enterprises to explore the application scenarios of blockchain." said
by Sakda, head of Huobi Thailand.
In the last two years, Thailand has improved legislation on digital assets to provide a safe invest-ment environment for
investors. In May 2018, SEC, Thailand's digital assets regulator, an-nounced that all companies in Thailand involved in
digital asset business would only operate af-ter receiving the license. It also required existing companies with related
businesses to submit ap-plications for licenses within 90 days. In January, after four months of the approval period,
Bitcoin Exchange, Bitkub Online, Satang Corporation and a digital asset broker successfully re-ceived the licenses,
while the applications of three other companies were denied.
On May 14, the Royal Decree on Digital Asset Businesses B.E. 2561 (2018) (the "Royal De-cree") went into effect. The
Decree, which consists of 100 sections, clearly defines and classifies of digital assets, the business scope of virtual
currency, and the subject and authority of supervi-sion. In addition, the Decree also outlines strict prohibition
against insider trading and market manipulation and sets punishments for violators.
When considering license applicants, the regulators focus on whether the applicant has a sound management system, the
background of board and management team members, whether there is a monitoring system to detect conflicts of interest,
and whether there is a routine cyber security check, etc. Obtaining a license requires the approval of the regulatory
commission, who usually only makes it once a month.
In addition to regulated exchanges, Thailand's government is also actively exploring other block-chain applications. In
August, the Bank of Thailand announced the development of Intanon, its official virtual currency. Intanon would be based
on the distributed ledger technology developed by R3 and CORDA platform, which aimed to use blockchain technology to
improve the effi-ciency of interbank payments. Eight commercial banks in Thailand, including Standard Chartered Bank of
Thailand and HSBC, announced support for the project.
As one of the world's leading digital asset service providers, Huobi has a deep global layout with licenses and
compliance teams across a number of regions. Its strategic partner in the United States holds an MSB as well as MTL
licenses in 12 states. In Japan, Huobi has obtained No.0007 exchange license. In addition, Huobi has obtained one of the
first DLT license under Gibraltar's purpose build regulatory regime.