Gulf Binance approved by Thai regulators
Gulf Binance, a partnership between cryptocurrency exchange Binance and Gulf Innova, the innovation arm of Gulf Energy, has been granted a digital asset operator license in Thailand. This was announced in a press release on Friday.
With the approval from the Ministry of Finance in Thailand, Gulf Binance can now proceed with its plans to launch a regulated crypto exchange and broker in the southeastern Asian country. The platform is expected to be launched by the end of this year, according to a press statement.
Richard Teng, Binance Head of Asia, Europe, and MENA, said in a statement that by combining Binance’s expertise with Gulf’s established local presence and network, Gulf Binance aims to demonstrate the full potential of blockchain technology to meet the needs of Thai users. Gulf Energy is one of Thailand’s largest private power producers.
Thailand has shown interest in positioning itself as an emerging Asian crypto hub. In January, the country’s regulators introduced a set of rules for crypto custody services and later announced a $1 billion tax break for firms issuing digital tokens for investment. However, a ban on crypto lending and staking services starting in 2022, as well as restrictions on digital asset-related advertising, indicate that the nation is taking a cautious approach to supervising the emerging market.
Edited by Sandali Handagama.