Is KuCoin Legal in Thailand? Is KuCoin Safe?
Choosing a trustworthy cryptocurrency exchange is crucial as it directly impacts the safety and security of your digital assets. The high risk of scams in this area necessitates extreme caution from users.
Our analysts have noticed a growing interest in KuCoin services among users in the Thailand. However, questions remain regarding its safety and legal status within the Thailand. Traders Union experts have addressed this concern by crafting a detailed review that explores both the pros and cons of using KuCoin.
So, let us tell you if KuCoin is allowed in the Thailand and if it's safe to use for trading.
Is KuCoin legal in Thailand? Does it have a license?
Currently, the KuCoin is not regulated at the government level, which remains a common scenario in the cryptocurrency market. However, such platforms generally fall short compared to exchanges with Tier-1 regulation, which signifies oversight by top-tier financial authorities such as the FCA (UK), SEC (USA), or ASIC (Australia), ensuring strict compliance with security and operational standards. We compared KuCoin with two Tier-1 regulated exchanges to help you make an informed choice
| KuCoin | Bybit | MEXC | |
|---|---|---|---|
Tier-1 regulation |
No |
Yes |
No |
Government-regulated |
No |
Yes |
No |
Successful hacks |
Yes |
Yes |
No |
Cold wallet storage |
Yes |
Yes |
Yes |
Investor protection fund |
Yes |
Yes |
No |
2FA |
Yes |
Yes |
Yes |
Verification (KYC) |
Yes |
Yes |
Yes |
Open an account |
|
|
|
Short summary about the KuCoin exchange
The KuCoin crypto exchange is a platform for exchanging and trading cryptocurrencies, spots, margins, and futures. The list of the exchange’s trading instruments includes dozens of cryptocurrencies such as Bitcoin, Ethereum, Tezer, etc. This crypto exchange offers a user-friendly trading terminal and there are a web and a mobile version for Android and iOS devices. The terminal contains basic analytics, charts, and indicators. There’s a possibility to replenish the account balance from debit cards, cryptocurrency, and electronic wallets. These methods are also available for withdrawal. In addition to the affiliate program (payments for referrals), the site offers unique contests with cash prizes called "Futures Battle".
| 💰 Account currency: | BTC |
| 🚀 Minimum deposit: | From $1 |
| ⚖️ Leverage: | Up to 1:100 |
| 💱 Spread: | 0.01% |
| 🔧 Instruments: | Currencies, cryptos |
| 💹 Margin Call / Stop Out: | No |
KuCoin Pros and Cons
👍 KuCoin Pros:
•he most popular cryptocurrencies and tokens are presented on the exchange;
•cryptocurrency exchange, spot, margin, and futures trading are offered;
•leverage up to x100 in the professional version;
•large trading volumes;
•a detailed guide for novice crypto traders;
•adaptive calculation of the commission depending on the trading volume;
•you can place your token on the exchange.
👎 KuCoin Cons:
•crypto exchange’s incomplete localization;
•lack of investment programs.
Rules and Regulation
Crypto regulation in Thailand
Cryptocurrency trading in Thailand is subject to regulation by multiple authorities to ensure legality and security. The main regulatory body overseeing cryptocurrency activities is the Securities and Exchange Commission (SEC) of Thailand.
The SEC regulates cryptocurrency exchanges and initial coin offerings (ICOs) to protect investors and maintain market integrity. Additionally, the Bank of Thailand (BOT) plays a role in supervising cryptocurrency transactions to prevent money laundering and safeguard the stability of the financial system.
Licensing requirements in Thailand for cryptocurrency exchanges include:
- obtaining a license from the Securities and Exchange Commission (SEC) or the Bank of Thailand (BOT).
- meeting capital requirements and cybersecurity standards set by regulatory authorities.
- implementing anti-money laundering (AML) and know your customer (KYC) procedures to prevent illicit activities.
- providing regular reporting and compliance audits to maintain the license.
Crypto investor protection in Thailand
Investor protection in Thailand is ensured by the Securities and Exchange Commission (SEC) and the Investor Protection Fund (IPF). The SEC monitors cryptocurrency exchanges to detect and prevent fraud and market manipulation. The Investor Protection Fund offers compensation to investors in case of exchange insolvency or fraud. Investors can learn more about their rights and protections on the SEC website: Investor Protection in Thailand.
Cryptocurrency taxation in Thailand
Taxation in Thailand for cryptocurrency trading involves income tax on profits derived from trading activities. Cryptocurrency traders are required to report their trading income and pay taxes according to the prevailing tax rates. The tax rates vary depending on the income level and other factors. Traders are advised to consult with tax professionals or authorities for specific guidance on tax obligations related to cryptocurrency trading in Thailand.
Do I recommend using KuCoin in the Thailand?
The KuCoin cryptocurrency exchange can be chosen by clients from Thailand, although there are certain nuances. The exchange does not have a financial license, but that is rather because the financial regulator of Thailand does not issue the licenses to crypto exchanges in general. There have been certain security-related incidents, but those very singular cases. The reputation of the exchange can be considered standard.
FAQ
Can I work with crypto exchanges considering that they don’t have a license in Thailand?
The fact that a crypto exchange does not have a license doesn’t mean that traders from Thailand will have problems while working with it. Cryptocurrency exchanges are not subject to licensing in many countries, while there are many exchanges with good reputation. Assess the available information about the exchange and check its reputation.
What security methods for account protection do crypto exchanges employ?
Cryptocurrency exchanges may offer various security methods. These include the two-factor authentication, first and foremost, and also such methods as a security question, additional passwords, etc.
Can an exchange that has had a security-related incident in the past be trusted?
You need to check whether such incidents were regular. If it was one episode several years ago, while the reputation of the exchange is good, you can work with such an exchange.
Should I work with an exchange if I have doubts about its reputation?
No. Always choose the cryptocurrency exchanges that have a good reputation.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.