After a series of regulatory changes that led to the South Korean exchanges UpBit to exclude its foreign users from the company’s platform creates a new department in Thailand.
According to an announcement shared with Cointelegraph, UpBit has received approval from the Thai Securities and Exchange Commission to operate its digital asset exchange in the country.
The Thai SEC has cleared the exchange of four preliminary licenses that allow the company to operate in four categoriesnamely, cryptocurrency exchange, digital token exchange, cryptocurrency broker and digital token broker.
UpBit claims it will be the first digital asset company to receive all four licenses from the Thai SEC. In terms of the number of licenses, they are ahead of other stock exchange operators based in Thailand.
Peeradej Tanruangporn, CEO of UpBit Thailand, explained why these four separate licenses are important for the exchange:
“In Thailand there are separate licenses for stock exchange and brokerage transactions. With a stock exchange license a company can match orders. With a broker license traders can forward a customer’s order to another exchange. Orders”.
Although the final SEC review is pending, UpBit is already working to bring “innovative services related to digital assets” to Thai crypto enthusiasts.
After you have acquired the licenses for trading and exchanging cryptocurrencies and tokens, UpBit Thailand can now offer its users the exchange of all possible combinations of fiat-crypto and crypto-crypto pairsTanruangporn said.
UpBit has not yet finalized which currency pairs and tokens will be available on the exchange., but said that “Fiat to Crypto will definitely be available from the start.”
Tanruangporn said that too The exchange will work closely with Thai regulators to formulate a tax plan that will benefit investors, service providers and innovators..
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