The South Korean crypto exchange Bithumb is planning to expand in Thailand and Japan. The exchange is presently working towards getting the required regulatory approval from the financial regulators of both the countries. These two new locations are a part of Bithumb’s global expansion plan.
At the moment, Bithumb is working towards obtaining the regulatory approval from the Thai Securities and Exchange Commission (SEC). It is the second largest South Korean exchange with a 24-hour trading volume of around $358 million. Bithumb (Thailand) Company Limited, is a Thai subsidiary established by the exchange with a registered capital of 3 million Baht.
Bithumb plans to start its services in Thailand by the end of October this year. Hence, it has been building its Thai website. Recently Thailand has finalized its regulatory framework for initial coin offerings (ICOs) and cryptocurrencies.
In April 2017, Japan also legalized cryptocurrency as a means of payment. However, all companies that plan to operate an exchange in Japan need to obtain approval from the Financial Services Agency (FSA). However, post the Coincheck hack in January this year, the FSA has strengthened its oversight of crypto exchanges. It has also started imposing a stringent exchange approval process.
Despite the strict approval process, Bithumb is looking forward to an approval from the FSA so that it can open an exchange in Japan in February 2019. According to a Bitcoin News report, the company also has plans to set up an exchange that supports the largest number of virtual coins in Japan.
Bithumb made an announcement earlier this year that it is looking for strategic partners for its global expansion. The company mentioned that it plans to work closely with its overseas partners to launch faster and more efficient trading platforms for traders worldwide. Earlier this April, Coinone, the third largest South Korean crypto exchange announced its expansion in Indonesia.