Bitget targets Thai market through licensed exchange purchase

Cryptocurrency exchange Bitget plans to acquire a licensed digital asset exchange in Thailand called GMO-Z. com Cryptonomics (Thailand) Co., Ltd. This acquisition would grant Bitget a regulated operating base in Thailand, pending approval from Thai authorities. The purchase is set to be done through Bitget's interest in BTGT Management (Thailand) Ltd., a locally registered company.

Currently, GMO Internet and its Thai subsidiary own 99.94 per cent of the exchange operator. The planned share transfer of 7,349,446 shares, comprising 49 per cent direct ownership and an additional 50.94 per cent held through the Thai subsidiary, is scheduled for October 31 but is conditional on necessary clearances. After acquiring the exchange, Bitget aims to introduce its trading platform to Thai customers and build a strong local presence.

Thailand requires digital asset exchange operators to hold licenses and adhere to the Securities and Exchange Commission's supervisory requirements. The move is seen as an important step for Bitget to enter the Southeast Asian digital asset market, as Thailand is considered a key player in the region. However, the acquisition will also allow GMO Internet to exit the Thai digital asset business.