South Korean crypto exchange Upbit set to enter Thailand and Indonesia

Following the launch of its exchange in Singapore, reports suggest that South Korean crypto exchange Upbit is seeking to enter Thai and Indonesian markets.

Upbit is reportedly marketing new crypto exchanges in Thailand and Indonesia in their local languages, Bitcoin.com reported referring to local media reports. The company has also set up websites for each exchange: https://th.upbit.com/ and https://id.upbit.com/.

“Both countries appreciate the growth potential of the cryptocurrency industry,” Upbit was quoted by Edaily (as reported by Bitcoin.com). “Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.”

According to the Thai Upbit website, the service is currently in closed beta and available only to a limited number of early users. It also states that it will list 131 coins and 241 trading pairs. The Indonesian website, on the other hand, states that there will be 156 crypto assets listed and 276 trading pairs.

In Thailand, the Royal Decree on the Digital Asset Businesses went into effect on May 14. It brings digital asset offerings and businesses undertaking digital asset-related activities under the regulatory scope.

In Indonesia, the Trade Ministry Futures Exchange Supervisory Board signed a decree to regulate cryptocurrencies as commodities.