S. Korean Bithumb has made an announcement about establishing branch departments in Japan and Thailand. To make that possible, the exchange is waiting for authorities of Japan and Thailand to approve such intentions.
Representatives of the South Korean cryptoexchange have told that they selected Thailand for their expansion because of the current proactive state of e-commerce and fintech there. Furthermore, policymakers of Thailand recognize the need for embracing the digital currencies to advance the so-called “smart city business”, with financial authorities of the country welcoming initial coin offerings and issuing regulations necessary for their proper operation. This resulted in creation of a friendly environment for digital currency market, attracting Bithumb’s operations in the country.
As for Japan, the country has not been so friendly with its regulations regarding the digital currencies. In the beginning of the year, Coincheck, an exchange from Japan, has suffered a hacker attack. Another Japanese cryptonetwork, Monacoin, has also fell prey to hackers a couple of months later. As a result, the authorities of Japan made some very strict regulations regarding the digital currency exchanges, rejecting any applicants failing to comply with the governmentally established procedures.
Nevertheless, Bithumb stays positive about their intentions and believes in approval from both countries to begin its operations in 2019. Moreover, the cryptoexchange plans expansion even further than just Asian countries, considering some global partnerships.