South Korean crypto exchange Upbit announced on Wednesday that it has received four provisional licenses from Thailand’s Securities and Exchange Commission (SEC) for its local affiliate Upbit Thailand.
With the four new licenses, the crypto exchange can legally offer digital asset services in the Southeast Asian country. As detailed in the official announcement, the four licenses are for operating a cryptocurrency exchange, a digital token exchange, a cryptocurrency broker, and a digital token broker.
The exchange also highlighted that it has become the first cryptocurrency company to gain all four licenses.
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“These four licenses make Upbit Thailand the top operator in the country in terms of number of licenses. They allow us to offer all combinations of digital asset pairs legally possible and enable us to work with global partners in innovative ways,” Upbit Thailand’s CEO Peeradej Tanruangporn said in an official statement.
The Thai affiliate of the South Korean exchange was formed as a joint venture between the Upbit APAC and other individual Thai partners. The local partners include Chatchaval Jiaravanon, Fortune Magazine owner; Somphote Ahunai, a major shareholder and group CEO of Energy Absolute PCL; and the CEO of the local exchange himself.
Thailand Remains Ahead in Regulating the Crypto Industry
Earlier this year, a Singaporean crypto exchange also received one Thai SEC license to offer services in the country. Other crypto exchanges operating in the country include Bitcoin Exchange, Bitkub Online, Satang Corporation, and Coins TH Co. However, Bitcoin Exchange shut all its crypto trading operations in the country to focus on other business aspects.
“As new operators acquire licenses, I expect to see the competition drive up both the quantity and quality of blockchain products and services in Thailand,” Tanruangporn added.