Huobi continuous its efforts to establish itself as one of the best exchanges on a global level. Its latest step was the establishment of Huobi Thailand. The exchange is powered by the Huobi Cloud platform and caters to the investment needs of the local market.
For that purpose, it has been licensed by Thailand’s Ministry of Finance and will enter the market with the top cryptocurrencies and stable coins. Huobi Thailand managed to acquire the license in 2019 and will join the few licensed companies allowed to operate in the country after being officially approved by the local Securities and Exchange Commission.
Thailand has been very strict with allowing operators on its territory after permitting regulated asset exchanges to enter its economy, and that’s a significant accomplishment for the company.
The licensing allows Huobi Thailand to access and integrate with the local digital payment networks. Now, it can enable country-wide crypto transactions through the various payment channels available, including mobile banking, online banking, and ATMs. All that, to empower the local cashless economy and to boost the developing cryptocurrency industry in Thailand.
Huobi Enters Thailand with the Best
To ease its way onto the market, Huobi Thailand allows its customers to purchase Bitcoin, Ethereum, Tether, and the Huobi Token with the Thai Baht. In the near future, Thai users can expect the addition of more assets, including Bitcoin Cash, Litecoin, and XRP.
The goal is to help establish an inclusive exchange community accessible to Thai customers, while at the same time they expand their own operations.
Entering the fiat-to-crypto trading world in Thailand, Huobi would benefit from the expansion of its native cryptocurrency and token ecosystem. The Huobi Token, HT, is an indicator of how the whole company is doing in the industry.
Most recent developments that the HT is steadily growing in value and trading volume, which bodes truly well for the company. They also intend to develop a dedicated payments system that accepts the token as a payment method.
Apart from Tether, another stable coin you will come across as a Thai user on the exchange would be the Thai Baht Digital. Huobi Thailand has plans to launch a lending platform using it.
Another Step Toward the Future
Despite the fact that this launch happens amidst the Coronavirus outbreak that has its own effects on the cryptocurrency industry, that’s a step toward the future. It shows two things.
First, Huobi is decisively on its way to capture as much as possible from the global market share for its services. That’s a step in the right direction to becoming a global leader in cryptocurrency exchange, trading, and native token ecosystem development.
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Second, despite Asia being hit so hard by the Covid-19 outbreak, technological advancements and economic changes are not set aside for later. Thailand has been wary of exchange operators for a long time, and the country tried to limit the access to crypto in its territory.
Today, we see it taking brave steps toward empowering financial innovations. After accepting a regulatory framework in 2019, the country is ready to change its trading landscape and make it significantly more crypto-friendly.
Taking advantage of that shifting climate is a smart move on part of Huobi. Industry analyses suggest that this might be a beneficial partnership for both parties involved, and how it will evolve remains to be seen as Huobi Thailand establishes itself.