Chinese exchange Zb.com has set up a branch in Thailand with a plan to turn it into the regional crypto trading hub in Southeast Asia. The move came as the Thai government finalizes the country’s regulatory framework for cryptocurrencies and initial coin offerings.
Creating Regional Hub
Chinese cryptocurrency exchange and wallet provider Zb.com recently announced that it has set up a full-fledged branch in Thailand, called Zbthailand (Zbth), with the aim for it to become the regional crypto trading hub in Southeast Asia, according to local media.
Zb.com already has a presence in China, the US, Canada, Switzerland, Australia, and South Korea, Matichon publication detailed, adding that Zb.com currently has over 3 million customers. According to Coinmarketcap, Zb.com lists 59 coins with a 24-hour trading volume of $160 million.
Dawei Li, the exchange’s co-founder, told the publication:
The company plans to expand its digital currency trading platform in Thailand…in addition to providing knowledge and understanding of blockchain technology and investment in digital assets to Thai investors, including recruiting strategic partners to attract more foreign investors to invest in Thailand.
The new exchange offers the trading of 16 cryptocurrencies against the Thai baht, BTC, and ETH. The supported cryptocurrencies at the time of this writing are BTC, LTC, BCH, ETH, ETC, EOS, QTUM, NEO, SNT, AE, ICX, ZRX, EDO, FUN, MANA, and TZB. “All transactions fees are 0.1%,” according to the new exchange’s website.
In November last year, Zb.com partnered with licensed Japanese exchange Quoine and Chinese bitcoin mining solution provider BW.com “to support and facilitate liquidity across isolated cryptocurrency & fiat markets,” the companies jointly announced.
Thailand’s Crypto Regulatory Framework
The decree to regulate cryptocurrencies and initial coin offerings (ICOs) went into effect in Thailand on May 14, putting the Thai Securities and Exchange Commission (SEC) in charge of the regulation and “requires sellers and operators of such assets to register with the SEC within 90 days,” Reuters details. The last day for registration is August 14, according to Matichon publication.
The Commission is expected to issue the regulations by the end of June after holding a public hearing. SEC secretary-general Rapee Sucharitakul was quoted by Reuters:
Offerings of digital tokens will not be allowed until the regulations are announced.
According to Rapee, the public hearing will take approximately 2-3 weeks “because investments in digital tokens are complicated and carry high risks.”
What do you think of Zb.com setting up a hub in Thailand? Let us know in the comments section below.
Images courtesy of Shutterstock, Matichon, and Zb.com.
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