KuCoin Expands Its Operations in Thailand Competitive Crypto Market
- KuCoin has officially launched operations in Thailand as part of its Southeast Asian expansion strategy.
- Thailand has a complex regulatory environment for crypto, with trading permitted but payments banned since 2022.
The crypto exchange KuCoin, based in Seychelles, launched its Thailand operations officially as part of its Southeast Asian market expansion plan. KuCoin Thailand began its operations in the Thai market on April 23 through the former ERX Company Limited. The company now operates under KuCoin Thailand after receiving its crypto exchange license from Thailand’s Securities and Exchange Commission (SEC).
The Regulated Market Presents Strong Competition To KuCoin’s Operations
The marketplace for KuCoin Thailand becomes more competitive because the country already has eight other crypto exchanges licensed by the SEC. Bitkub Online stands as the leading player in the market by processing daily transactions worth approximately $70 million.
By comparison, KuCoin’s global platform reports handling around $3.8 billion in daily transactions. The KuCoin Thailand platform builds on its worldwide experience to deliver Thai investor-specific services from its newly launched platform.
All users from the previous ERX system have moved to the new platform. ERX chief executive Att Tongyai Asavanund expressed his view on the launch as a method to enhance their local service capabilities for the Thai market.
The crypto market expansion occurred at a time when Thailand faced ongoing challenges with digital assets regulation. Thai central bank issued a ban on crypto payments when its trading continued to be popular within the country during 2022. Moreover, the regulatory body expressed its support for controlled innovation by introducing a Bitcoin payment pilot program for tourists visiting Phuket. However, this experimental project remains inactive.
The Thai expansion stands as part of KuCoin’s worldwide expansion plan that combines global market entry with regulatory compliance needs. The exchange operates to settle legal matters after the U.S. Commodity Futures Trading Commission filed a lawsuit against it for Commodity Exchange Act violations.
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KuCoin Expands Its Operations in Thailand Competitive Crypto Market
- KuCoin has officially launched operations in Thailand as part of its Southeast Asian expansion strategy.
- Thailand has a complex regulatory environment for crypto, with trading permitted but payments banned since 2022.
The crypto exchange KuCoin, based in Seychelles, launched its Thailand operations officially as part of its Southeast Asian market expansion plan. KuCoin Thailand began its operations in the Thai market on April 23 through the former ERX Company Limited. The company now operates under KuCoin Thailand after receiving its crypto exchange license from Thailand’s Securities and Exchange Commission (SEC).
The Regulated Market Presents Strong Competition To KuCoin’s Operations
The marketplace for KuCoin Thailand becomes more competitive because the country already has eight other crypto exchanges licensed by the SEC. Bitkub Online stands as the leading player in the market by processing daily transactions worth approximately $70 million.
By comparison, KuCoin’s global platform reports handling around $3.8 billion in daily transactions. The KuCoin Thailand platform builds on its worldwide experience to deliver Thai investor-specific services from its newly launched platform.
All users from the previous ERX system have moved to the new platform. ERX chief executive Att Tongyai Asavanund expressed his view on the launch as a method to enhance their local service capabilities for the Thai market.
The crypto market expansion occurred at a time when Thailand faced ongoing challenges with digital assets regulation. Thai central bank issued a ban on crypto payments when its trading continued to be popular within the country during 2022. Moreover, the regulatory body expressed its support for controlled innovation by introducing a Bitcoin payment pilot program for tourists visiting Phuket. However, this experimental project remains inactive.
The Thai expansion stands as part of KuCoin’s worldwide expansion plan that combines global market entry with regulatory compliance needs. The exchange operates to settle legal matters after the U.S. Commodity Futures Trading Commission filed a lawsuit against it for Commodity Exchange Act violations.
Highlighted Crypto News Today:
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Read More
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