Gulf Binance, a collaborative project between Binance and Gulf Innova, the innovation arm of Gulf Energy, has received regulatory approval from the Ministry of Finance in Thailand to operate as a digital asset provider.
This regulatory approval enables Gulf Binance to establish and operate a cryptocurrency exchange under the supervision of Thailand’s Securities and Exchange Commission.
Gulf Binance plans to launch a digital asset exchange in Thailand by the fourth quarter of 2023. According to Binance’s press release, this project will leverage Gulf’s deep understanding of the local market and Binance’s expertise in digital assets.
Gulf Energy had previously made significant investments in Binance’s US-based subsidiary, Binance US, in 2022. However, an official partnership between Gulf Energy and Binance was not established until January 2023. Since then, the two entities have been actively working together to explore the feasibility of establishing a regional digital asset market.
Richard Teng, Head of Asia, Europe, and MENA at Binance, stated that Gulf Binance would showcase the vast potential of blockchain technology in meeting the needs of Thai customers and demonstrate the benefits of cryptocurrencies in Thailand.
Meanwhile, Thai regulators are actively working on establishing a comprehensive regulatory framework to protect investors in the country’s crypto market. In January 2023, the Thai Securities and Exchange Commission introduced new regulations for cryptocurrency custody services; the new rules required all crypto custodians to have contingency plans to address unforeseen circumstances. These measures aim to ensure the safety and security of cryptocurrency investments for individuals and entities in Thailand.
Thailand has demonstrated a strong interest in cryptocurrencies and blockchain technology by positioning itself as a cryptocurrency-friendly nation. The approval granted to Gulf Binance further reinforces the country’s progressive approach to digital assets.
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