Cryptocurrency News: Binanceย Cryptoย exchange, the worldโs leading digitalย currency exchange, persistsย to make headlines with its international expansions and strategic partnerships. In its latest move, Binanceย Cryptoย exchange has announced the acquisition of Digital Investment Operator Licenses in Thailand. This development comes shortly after the suspension of operations in Canada owingย to regulatory concerns.
Binanceย Cryptoย exchange Secures Thailandโs Digital Investment License
On Friday, the cryptocurrency exchange revealed its partnership with Gulf Innova Co., Ltd. (Gulf) to setย up Gulf Binanceย Cryptoย exchange. Inย contrastย toย previous regional and international launches, the Binanceย Cryptoย exchange exchange has entered into a joint deal to obtain digital investment operator license from Thailandโs Ministry of Finance. With the necessary licenses secured, Gulf Binanceย Cryptoย exchange will proceed with its intendsย to launch a cryptocurrency trading platform and digital investment broker in Thailand, slated for Q4 2023.
Read More: Digitalย currency Group Shuts Institutional Trading Platform, Cites Cryptocurrency Crisis
Reportsย by the official statement released, the new partnership intendsย to combine Binanceโs extensive expertise in the digital investment space with Gulfโs local industry knowledge and established presence in Thailand. The primary goals of this collaboration are to drive innovation, foster growth, and provide ease of use and access to Webย 3.0 products for Thai users.
Althoughย while speaking inย relationย toย this development, Richard Teng, Binanceโs Head of Asia, Europe, and MENA was quoted as saying:
By harnessing Binanceโs expertise together with Gulfโs established local presence and network, Gulf Binanceย Cryptoย exchange intendsย to showcase the full potential of blockchainย tech to meet the needs of Thai users.
Thailandโs Growing Cryptocurrency Ecosystem
The preparations for this deal began in 2022, as revealed in a blogย post by Binanceย Cryptoย exchange. The two entities have been closely cooperating with Thailandโs regulatoryย authorities to secure the establishment of a compliant- 1st exchange that strictly adheres to the guidelines set by the Securities and Exchange Commission.
Furthermore, in recent times, Thailand has recently positioned itself as a thriving hub for digitalย currency and related enterprises, garnering attention from worldwide players in the industry. Reportsย by the Cryptocurrency Readiness Index compiled by Recap late theย previousย 30ย days, Bangkok, the financialย resources city of Thailand, secured the tenth spot universally. This ranking was a result of Bangkok attracting a wholeย lotย of number of 57 cryptocurrency corporations, as reported by the Bangkok Post on February 7.
Historically, Thai regulatoryย authorities, including the Bank of Thailand and the ruling regime, have maintained a cautious approach towards digital assets. Nonetheless, overย recentย months, there has been a noticeable shift in their stance. Thai financial regulatoryย authorities have progressively introduced clear and defined regulations governing cryptocurrency trading and the advertising of digital assets.
The growing number of cryptocurrency corporations setting up operations in Bangkok signifies the cityโs favorable business environment and potential for growth. These corporations are attracted to Thailandโs vibrant market, growing investor interest, and the progressive regulatory framework that provides a clear roadmap for operating in the cryptocurrency space.
As the country persistsย to refine its regulatory framework and foster innovation, it is poised to attract more cryptocurrency corporations and setย up itself as a prominent player in the worldwide digitalย currency market.
