Major Korean Exchange Bithumb Expanding into Japan and Thailand

EXCHANGES

One of South Korea’s largest cryptocurrency exchanges, Bithumb, is expanding into Japan and Thailand. The exchange is working on obtaining regulatory approval from the financial regulators of both countries. The new locations are part of the exchange’s global expansion plan.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

                               Expanding into Thailand

Bithumb is currently working on obtaining
regulatory approval from the Thai Securities
and Exchange Commission (SEC), local media
reported Friday. The exchange is the second
largest in South Korea at the time of this
writing, with a 24-hour trading volume of about $358 million, behind only the Kakao-backed Upbit with a $582 million trading volume during the same time period.

The exchange has already established a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (~US$90,000). Zdnet quoted the company explaining the reason for its expansion into the Thai market:

             Thailand is active in e-commerce and the fintech industry, and the 
                 government is showing great interest in digital currency as it 
                         promotes smart city business.

Thailand has recently finalized its regulatory framework for cryptocurrencies and initial coin offerings (ICOs). Bithumb has been building its Thai website, the publication added, noting that it plans to start service in Thailand at the end of October.

        Expansion into Japan

as a means of payment in April of
last year. All companies seeking
to operate an exchange in the
country must obtain approval
from the country’s top financial regulator,
the Financial Services Agency (FSA).
However, with the hack of Coincheck in January,
the FSA has been strengthening its oversight of crypto exchanges and imposing a stricter exchange approval process.

Japan legalized cryptocurrency
Nonetheless, Bithumb is seeking approval from the FSA with a plan to open an exchange in Japan in February next year, the news outlet conveyed. The exchange also revealed that “it plans to set up an exchange that supports the largest number of coins in Japan,” the publication noted.

              Global Expansion Plan

Earlier this year, Bithumb announced that it is looking for partners for its global expansion. The exchange says it will work closely with overseas partners to launch platforms that are faster and more efficient for traders worldwide.

Projects which Bithumb will collaborate with potential partners include “cash (deposit/remittance/debit) management processing, the operation of an exchange platform, [and] marketing & promotion and customer service,” the exchange detailed. According to the announcement:

                Bithumb is preparing exchange platforms for 
              countries under the global expansion plan and we are 
              looking for great and potential partners (corporation, 
             entity or group) worldwide…The exchange platforms 
               under final development stages are USD / JYP / EUR /
               CNY / INR / GBP / AUD / CAD / PHP / RUB and [there]
                    will be more soon when there are any service
                                            
                                   demands.

According to Money Today, Bithumb has also established a subsidiary in Singapore and Britain. “We are considering establishing overseas subsidiaries in various countries such as the U.S. and Europe, but the time has not yet been determined,” the exchange clarified.

In April, the third largest crypto exchange in South Korea, Coinone, announced its expansion into Indonesia.