The exchange of Kucoin cryptocurrency should branch into Southeast Asia, targeting the growing cryptography market in Thailand.
Kucoin plans to launch a crypto exchange platform offering digital assets and related products in the country, according to an announcement of April 23.
ERX Company LTD, the first exchange of digital tokens from the Commission of the Committee of Trade, renamed Kucoin Thailand from April 22, said.
The EXCHANGE Crypto will operate under ERX, which recently received an crypto exchange license from the Thai financial regulator.
“We are strengthening our ability to provide localized solutions adapted to the Thai market,” said ERX CEO at Tongyai Asavanund.
Existing ERX users have been migrated to the new Kucoin Thailand platform, and the Kucoin Th app is available on Android and iOS.
Kucoin joins an increasingly crowded Thai market
Kucoin enters a crowded market because eight other companies are authorized by Thai sec to function as exchanges of cryptographic and digital assets.
These are the Waan Exchange, Gulf Binance, Thai Digital Assets Exchange, Innostx Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub online and Orbix Trade.
Bitkub is by far the largest and has a current daily negotiation volume of around $ 70 million, according to Coingecko. Compared, the world Kucoin platform claims to have a daily volume of $ 3.8 billion.
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In January, the Thai government announced a pilot program allowing tourists to pay by using Bitcoin (BTC) in a sand environment on Phuket celebrations. However, it has not yet been launched.
While cryptographic trading remains popular in Thailand, the use of cryptographic assets for payments was prohibited by the Central Bank in 2022.
In early April, Thai financial regulators targeted foreign cryptographic platforms between peers in their last repression in order to fight against scams and money laundering.
Kucoin is currently trying to conclude a regulation with the Commodity Future Commission of Commodity Future Commission resolved after its prosecution under the previous administration in March 2024 for violation of the law on the exchange of raw materials.
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