Upbit Crypto Exchange To Open Branches In Thailand And Indonesia
The Upbit crypto trading platform from South Korea is working on opening units in Thailand and Indonesia within the geographic growth of its operation, Bitcoin.com reports.
The trading platform has developed official websites in their native languages for each of the exchanges. The Thai website operates in a testing mode and only a narrow circle of people has the access to it. It is reported that the listing will feature more than 130 tokens and 240 trading pairs. The Indonesian website is not as functional, however, over 150 tokens and more than 270 pairs will be available on the exchange's listing.
The Upbit platform is lacking customers, so it is making efforts to expand its operations abroad, beginning with Asian countries, the Zdnet e-magazine reported. In September 2018, Upbit launched a crypto exchange in Singapore, which supports the local dollar. It is assumed that the platform will allow exchanging cryptocurrency for local baht in Thailand and for national rupees in Indonesia.
Both states positively assess the opportunities provided by the crypto industry and blockchain, so it was decided to create the websites before the official launch of the exchanges, Upbit representatives stated.
In May, the Thai government adopted rules concerning the crypto sphere. Since then, the operation of six crypto exchanges was permitted in the country. The country's central bank has also issued permission to commercial financial institutions to open accounts for crypto companies. In turn, the regulator in Indonesia issued an enactment on the regulation of cryptocurrency as a commodity in June 2018.