The cryptocurrency exchange KuCoin has officially started its operations in Thailand, as part of its Southeast Asian expansion strategy.
Launch of KuCoin in Thailand
KuCoin, based in Seychelles, began its operations in Thailand on April 23 through the former ERX Company Limited. The new business has received its crypto exchange license from Thailand's Securities and Exchange Commission (SEC).
Competition in the Crypto Market
The market for KuCoin in Thailand is highly competitive with eight other crypto exchanges already operating, all licensed by the SEC. Bitkub Online is the leading player, handling about $70 million in daily transactions. In comparison, KuCoin's global platform processes around $3.8 billion daily.
Regulation and Future of the Crypto Market in Thailand
The expansion of KuCoin occurs amid a challenging regulatory environment in Thailand, where crypto payments have been banned since 2022, although trading remains popular. The central bank supports controlled innovation, yet an experimental program for Bitcoin payments for tourists remains inactive.
KuCoin's expansion in Thailand is part of its global strategy that aligns with local regulatory compliance needs.
