Huobi, one of the world’s largest crypto exchanges, has started to expand its reach as a global crypto business even more. Its latest push is into the South-East Asian crypto markets, particularly into Thailand. Huobi’s Thailand branch, rather creatively named Huobi Thailand, will leverage the company’s cloud platform in order to offer trading of crypto in Thailand’s Fiat, the Baht while complying with regulation.
Strong Start With Expansion Planned
For a start, trading will only be offered for three tokens: ETH, BTC, and the Huobi Token (HT). As one would expect, however, future plans are being made to include a range of the top-performing cryptocurrencies out there. Huobi stated that BSV, LTC, XRP, and BCH are scheduled to be added to Huobi Thailand in short order.
The Huobi Group’s Vice President of Global Business gave a statement about the matter. They explained that Huobi Thailand’s launch is an important milestone, one that marks Huobi’s goal for global expansion.
Lending Services Planned
Huobi had to first leverage its knowledge and skill within the crypto industry in order to get the blessing from Thailand’s Ministry of Finance. After the country’s financial regulator gave permission, Huobi was given a Digital Asset License. An important thing to note, is Huobi’s native HT token, will also gain from this, as it stands as the only market where you can exchange Thai Baht for HT.
Huobi’s plans of expansion also hold ambitions to offer a lending service that will be based on the Thai Baht Digital, or TBD. As the name would suggest, TBD is a stablecoin, with a 1:1 reserve of Baht for every coin.
Adapting To The Times
Huobi is also making plans to establish a payment system that leverages both TBD and HT, seeing an opportunity as Thailand plans to go cashless.
Thailand’s crypto history reflects many of a country’s history. At the start, Thailand had tried to keep crypto out of its borders, as crypto had yet proven itself a powerful form of financial innovation. In 2019, however, the country had passed a regulatory framework that is outright crypto-friendly, as the country saw an opportunity in it. Ever since, Thailand had been praised for its regulatory structure, particularly its well-defined rules when it comes to exchanges, digitized securities tokens, as well as standard crypto assets.
Huobi is just taking advantage of a pleasant environment, and with any luck, both parties will benefit from this arrangement.