Gulf Binance, a joint venture between global cryptocurrency exchange Binance and Gulf Energy’s innovation arm Gulf Innova, has been granted a digital asset operator license by the Ministry of Finance in Thailand. This development allows the firm to advance plans to launch a regulated cryptocurrency exchange and broker in the Southeast Asian country – news that will certainly make Thailand’s vision of becoming an emerging Asian crypto hub more of a possibility.
The platform is set to launch by the end of the year, according to a statement released by Gulf Binance. The collaboration between Binance and Gulf Innova aims to showcase the potential of blockchain technology to meet the needs of Thai users. The CEO of Gulf Innova, Sarikaya Onyai, said in a statement that the venture will “provide opportunities for Thai investors to participate in the digital asset market with transparency and security.”
Gulf Energy is Thailand’s largest private power producer, bringing a level of local presence and network to the joint venture. By harnessing Gulf’s established presence in Thailand and Binance’s expertise in the crypto world, Gulf Binance hopes to fulfill the growing demand for a transparent and secure digital asset market in the country.
Thailand has been committed to positioning itself as an emerging Asian crypto hub, as regulators introduced a set of rules for crypto custody services earlier this year. The country also announced a $1 billion tax break for firms issuing digital tokens for investment. With the country’s latest approval, Gulf Binance now has a runway to make its entrance into Thailand’s market with a fully regulated platform.
However, these efforts are not without oversight, as the Thailand government is taking a careful approach towards supervising the emerging market. Plans to ban crypto lending and staking services by 2022 and restrictions on digital asset-related advertising suggest that officials in Thailand are keeping a watchful eye on the industry.
In conclusion, Gulf Binance’s digital asset operator license from the Thailand Ministry of Finance sets the stage for a planned exchange and broker launch later this year, bringing transparent and secure cryptocurrency trading to Thai investors. With Gulf Innova’s network and expertise and Binance’s experience in the crypto world, the joint venture is poised to make a significant impact on Thailand’s fast-growing crypto market – with implications not just for Thailand, but for other countries and regions looking to establish themselves as crypto hubs.