Official Press Release:
Upbit Thailand Granted Four Provisional Licenses for Digital Asset Businesses by Thai SEC
[Bangkok and Seoul - August 12, 2020] Upbit, one of the world’s leading digital asset exchanges, announced today that Upbit Exchange (Thailand) [herein referred as “Upbit Thailand”] has been approved for four provisional licenses to operate digital asset-related businesses in Thailand by the country’s Securities and Exchange Commission (SEC).
The new licenses permit Upbit Thailand to operate in four digital asset business categories: Cryptocurrency Exchange, Digital Token Exchange, Cryptocurrency Broker, and Digital Token Broker. Upbit Thailand is the first company to be approved for all four digital asset business categories in Thailand and plans to offer a number of innovative digital asset-related services once the final audit process by the Thai SEC is complete. By acquiring licenses for both the cryptocurrency and digital token subcategories, Upbit Thailand can offer a broad range of fiat-crypto and crypto-crypto pairs in future services.
“These four licenses make Upbit Thailand the top operator in the country in terms of number of licenses. They allow us to offer all combinations of digital asset pairs legally possible and enable us to work with global partners in innovative ways,” said Peeradej Tanruangporn, Upbit Thailand’s CEO. “As new operators acquire licenses, I expect to see the competition drive up both the quantity and quality of blockchain products and services in Thailand.”
About Upbit Exchange (Thailand)
Upbit Exchange (Thailand) is a joint venture between Upbit APAC Pte. Ltd. and Thai partners, comprising Chatchaval Jiaravanon (Fortune Magazine owner), Somphote Ahunai (major shareholder and group CEO of Energy Absolute PCL), and Preecha Praipattarakul (the first Thai CEO of a Nasdaq-listed company). Upbit APAC and its Thai partners are keen to create a trusted digital asset platform featuring leading-edge technology and the highest level of security in Thailand.