• Gulf Binance, a joint venture between cryptocurrency exchange Binance and Gulf Energy’s innovation division, has received approval from Thailand’s Ministry of Finance for a digital asset operator license.
• The platform plans to launch by Q4 2023 and will be regulated by the Thai Securities and Exchange Commission (SEC).
• Thailand has been warming up to the digital asset space and is taking steps to promote security & regulatory compliance while fostering innovation in the digital space.
Gulf Binance Granted Digital Asset License in Thailand
Gulf Binance, a partnership between crypto exchange Binance and Gulf Energy’s innovation division, received approval in Thailand for a digital asset operator license. Thailand’s Ministry of Finance recently approved Gulf Binance Co., Ltd, a joint venture between cryptocurrency exchange Binance and Gulf Innova, for a digital asset operator license.
Creating Value for Thailand
Binance and Gulf reached an agreement to create a joint venture in 2022 and have since been working closely with Thai regulators to establish a fully-compliant exchange that strictly adheres to the SEC’s guidelines. The collaboration brings Binance’s expertise in the digital asset and crypto space together with Gulf’s local industry knowledge and established Thai presence.
Thailand Warms to Digital Assets
The Southeast Asian nation has been warming up to the digital asset space and has committed to promoting security & regulatory compliance while fostering & encouraging innovation in the digital space as it recognizes blockchain’s transformative potential in the country. The Thai cabinet recently agreed to waive income & value-added tax for companies that issue digital investment tokens.
Binance’s Response
Binance’s Head of Asia, Europe, & MENA, Richard Teng commented on the regulatory approval saying: “We are grateful & honored to be granted digital asset operator licenses for Gulf Binance in Thailand — a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology. By harnessing Binance’s expertise together with Gulf’s established local presence & network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users. Local users can expect access to a trusted & regulated service that prioritizes user security alongside compliance with local regulations. ”
Conclusion
Thailand is signaling its commitment towards promoting growth within its burgeoning crypto industry through initiatives such as granting licensure approvals like these as well as waiving taxes on certain investments.