South Korean Crypto Giant Bithumb Planning Expansion Into Thailand & Japan

Bithumb, the biggest cryptocurrency exchange of South Korea, has plans to expand into Thailand and Japan. Accordingly, the company has already applied for licenses at Japan’s Financial Services Agency and Thailand’s Securities and Exchange Commission. The exchange processes trading of around $596 million every 24 hours.

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Bithumb aiming expansion into Thai crypto market

The exchange earned 171 times more revenues last year than it earned in 2016 and was given a clean slate by the tax auditing authorities. The company has been eyeing expansion after conquering major milestones in the last couple of years. In May, this year, Bithumb opened an office in London.

Bithumb established Bithumb Company Limited, a Thai subsidiary with a registered capital of $90,000. Explaining its stand behind the expansion into Thailand’s crypto market, the company stated that the country is active in fintech and e-commerce industry and the government of Thailand is also showing great interest in virtual currency to promote smart city business. Thus, Thailand offers a crypto-friendly environment for startups and fintech firms.

Just recently, Thailand finalized its regulatory framework for digital currencies, as well as initial coin offerings (ICOs). The company is currently engaged in building its Thai website and plans to start trading services in the country in late October of this year.

Bithumb may face issues getting license from Japanese authorities

Crypto-related rules in Japan are much more stringent. At the start of 2018, Coincheck, a the cryptocurrency exchange in Japan was hacked as the criminals illegally withdrew from a hot wallet. Monacoin, the Japanese cryptocurrency, also faced a network attack after a few months from a miner. Ever since then, Japan has tightened its rules related to cryptocurrency exchanges. Just last month, FSA authorities in Japan officially rejected a crypto exchange for not following a proper system.

However, Bithumb is optimistic about getting a license in Japan and is planning to open its new office in the country sometime in February next year. Rather, the company is looking for global partners who will support them in expanding their reach into other countries. The exchange is looking forward to working closely with overseas partners and launch platforms that are efficient and faster for worldwide traders.

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