Upbit, South Korean Crypto Marketplace is Expanding to Thailand

In order to strengthen its position in Southeast Asia, one of the leading digital asset trading exchanges (crypto assets) from South Korea named Upbit is expanding its business to Thailand.

The company announced that Upbit Exchange Thailand (hereinafter referred to as Upbit Thailand) was approved to be granted four temporary licenses to operate digital asset-related businesses in Thailand by the country’s Securities and Exchange Commission (SEC).

Peeradej Tanruangporn, CEO of Upbit Thailand said the four licenses made Upbit Thailand the top operator in Thailand in terms of the number of licenses. “They allow us to offer all combinations of digital asset pairs legally and allow us to work with global partners in innovative ways,” Peeradej said in a statement on Wednesday (19/8/2020).

As other operators acquire licenses, the company hopes to see competition to increase the quantity and quality of blockchain products and services in Thailand. “As other operators obtain licenses, I hope to see competition to increase the quantity and quality of blockchain products and services in Thailand,” said Peeradej.

4 Business Categories and Innovation Targets

This is completely in line with Thailand’s commitment to cryptocurrency in general. In fact, Thailand is one of the few countries in the world that officially recognizes cryptocurrency. The reason is simple, where the authorities believe that the cryptocurrency business can make a big contribution to the economy by offering future job opportunities.

Similar to Upbit Indonesia, which has obtained a registration certificate from the Commodity Futures Trading Supervisory Agency (BAPPEBTI) as a potential physical crypto asset trader, the license obtained by Upbit Thailand allows it to operate in four categories of digital asset business.

These include Cryptocurrency Exchanges, Digital Token Exchanges, Cryptocurrency Brokers, and Digital Token Brokers. Upbit Thailand is the first company approved for all four categories of digital asset businesses in Thailand and plans to offer a number of innovative digital asset-related services once the final audit process by Thailand’s SEC is complete.

“The license from the Thai SEC allows us to legally offer all digital asset pair combinations and enables us to work with global partners in innovative ways,” he said.

By obtaining a license for cryptocurrency and the digital token subcategory, Upbit Thailand can offer a wider range of services from fiat-crypto and crypto-crypto going forward.

In Indonesia, Upbit Provides New Services

Upbit Indonesia, a digital asset exchange provider company, is committed to continuing to provide the best service with world-class operational standards in digital asset trading, by obtaining a registration certificate from BAPPEBTI as a potential Physical Asset Trader Candidate.

Upbit Indonesia provides a daily rupiah withdrawal service, where users can withdraw their rupiah whenever needed, both on weekdays and weekends during Upbit Indonesia’s operating hours. In addition, Upbit Indonesia has also expanded its withdrawal service capabilities, namely allowing Rupiah withdrawals even after the cut-off time set by the bank.

This is because it sees digital asset transactions that continue to grow in Indonesia. Resna Raniadi, Head of Business Development for Upbit Indonesia, explained that the ease of transacting digital assets online is because we can do it anywhere and anytime, thus saving more time.

“We hope that by presenting this service, users can further maximize their transaction time and at the same time can withdraw funds without having to wait for a working day,” said Resna.

Upbit was founded by Dunamu Inc in 2017. It is South Korea’s largest crypto asset trading exchange with world-class blockchain technology, regulatory expertise, and operational know-how. Upbit is available in South Korea, Singapore, and Indonesia which can be used via the web and mobile applications are available on the Google Play Store and iOS App Store.