South Korean cryptocurrency exchange UpBit has received four licenses from the Thailand Securities and Exchange Commission (SEC) to operate in the country.
Due to uncertainties over the regulation of the cryptocurrency industry in South Korea, Upbit was forced to ban foreign traders from trading in fiat currencies. This was one of the reasons why the management of UpBit opened a new division in Thailand, having received regulatory approval. Thailand’s SEC has granted UpBit four licenses, allowing it to operate in the country as a cryptocurrency exchange, digital token exchange, cryptocurrency broker and digital token broker.
UpBit Thai CEO Peeradej Tanruangporn said UpBit was the first digital currency organization to receive all four licenses.
Tanruangporn explained that in Thailand, separate licenses are issued to conduct exchange and brokerage activities. An exchange license allows order matching, and a brokerage license allows operators to transfer a user’s order to another exchange.
The head of UpBit Thailand added that the SEC has not yet completed the final audit. However, the site can already provide Thai traders with services for the exchange of cryptocurrencies, as well as for trading digital assets and fiat currencies. The exchange has yet to determine which cryptocurrency pairs will be available for trading. Tanruangporn added that UpBit will liaise with Thai regulators on tax issues to maximize the interests of investors and service providers.
Last year, the Thai government approved an amendment to the Securities and Exchange Act allowing the issuance of securities on the blockchain. This allowed firms to obtain licenses to act as depositories for securities and digital tokens.
