Binance, a cryptocurrency exchange, has received regulatory approvals in Thailand through a joint venture with Gulf Energy Development Pcl. This partnership, known as Gulf Binance, plans to launch a new crypto exchange in Thailand by the fourth quarter of 2023.
Regulatory Milestone Achieved
In mid-May, Gulf Binance obtained digital asset operator licenses from Thailand’s Ministry of Finance, marking a crucial step for the venture. Additionally, Gulf Binance Co. received approval from the Thai Securities and Exchange Commission on November 10, allowing it to commence operations.
The upcoming crypto exchange in Thailand will initially be invitation-only before opening up to the broader public. Gulf Energy, one of Thailand’s largest corporations, supports this strategic move.
Thailand’s Crypto Landscape
Thailand presents a complex environment for cryptocurrency businesses. The Thai SEC has banned using cryptocurrencies as payment from April 1, 2022, but investments and trading in digital assets remain permissible under new regulations introduced on March 23, 2022.
Under these regulations, businesses dealing in digital assets are prohibited from offering cryptocurrency payment services or promoting the use of digital assets for payments. They must cease any activities that facilitate payments for goods and services using digital wallets and must inform customers about the risks of using digital assets for transactions.
Conclusion
The entry of Gulf Binance into the Thai market is a significant milestone in Binance’s global expansion. Despite challenges in the regulatory environment, approval from the Ministry of Finance and the Thai SEC paves the way for Gulf Binance to establish a regulated crypto exchange, contributing to the evolving landscape of digital finance in the region.
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