Cryptocurrency News: Binance Crypto exchange, the world’s leading digital currency exchange, persists to make headlines with its international expansions and strategic partnerships. In its latest move, Binance Crypto exchange has announced the acquisition of Digital Investment Operator Licenses in Thailand. This development comes shortly after the suspension of operations in Canada owing to regulatory concerns.
Binance Crypto exchange Secures Thailand’s Digital Investment License
On Friday, the cryptocurrency exchange revealed its partnership with Gulf Innova Co., Ltd. (Gulf) to set up Gulf Binance Crypto exchange. In contrast to previous regional and international launches, the Binance Crypto exchange exchange has entered into a joint deal to obtain digital investment operator license from Thailand’s Ministry of Finance. With the necessary licenses secured, Gulf Binance Crypto exchange will proceed with its intends to launch a cryptocurrency trading platform and digital investment broker in Thailand, slated for Q4 2023.
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Reports by the official statement released, the new partnership intends to combine Binance’s extensive expertise in the digital investment space with Gulf’s 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 Web 3.0 products for Thai users.
Although while speaking in relation to this development, Richard Teng, Binance’s Head of Asia, Europe, and MENA was quoted as saying:
By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance Crypto exchange intends to showcase the full potential of blockchain tech to meet the needs of Thai users.
Thailand’s Growing Cryptocurrency Ecosystem
The preparations for this deal began in 2022, as revealed in a blog post by Binance Crypto exchange. The two entities have been closely cooperating with Thailand’s regulatory 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 digital currency and related enterprises, garnering attention from worldwide players in the industry. Reports by the Cryptocurrency Readiness Index compiled by Recap late the previous 30 days, Bangkok, the financial resources city of Thailand, secured the tenth spot universally. This ranking was a result of Bangkok attracting a whole lot of number of 57 cryptocurrency corporations, as reported by the Bangkok Post on February 7.
Historically, Thai regulatory authorities, including the Bank of Thailand and the ruling regime, have maintained a cautious approach towards digital assets. Nonetheless, over recent months, there has been a noticeable shift in their stance. Thai financial regulatory 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 city’s favorable business environment and potential for growth. These corporations are attracted to Thailand’s vibrant market, growing investor interest, and the progressive regulatory framework that provides a clear roadmap for operating in the cryptocurrency space.
As the country persists to refine its regulatory framework and foster innovation, it is poised to attract more cryptocurrency corporations and set up itself as a prominent player in the worldwide digital currency market.