• Gulf Binance, a partnership between crypto exchange Binance and Gulf Energy’s innovation division, Gulf Innova, has been approved by Thailand for a digital asset operator license.
• The joint venture between Binance and Gulf aims to “drive innovation, foster growth, and deliver the best value possible to Thai users” by launching an SEC-regulated exchange in Q4 2023.
• Thailand is continuing to embrace blockchain technology and waive taxes on companies that issue digital investment tokens.
Gulf Binance Receives Approval from Thailand
Gulf Binance, a partnership between crypto exchange Binance and Gulf Energy’s innovation division, Gulf Innova, received approval in Thailand for a digital asset operator license. Thailand’s Ministry of Finance recently approved Gulf Binance Co., Ltd, a joint venture between cryptocurrency exchange Binance and Gulf Innova, for a digital asset operator license.
Creating Value for Thailand
Binance and Gulf reached an agreement to create a joint venture in 2022 and have since been working closely with Thai regulators to establish a fully-compliant exchange that strictly adheres to the SEC’s guidelines. The collaboration brings Binance’s expertise in the digital asset and crypto space together with Gulf’s local industry knowledge and established Thai presence. The joint venture aims to “drive innovation, foster growth, and deliver the best value possible to Thai users.”
Thailand Warms Up To Digital Assets
The Southeast Asian nation has been warming up to the digital asset space and has committed to promoting security and regulatory compliance while fostering and encouraging innovation in the digital space as it recognizes blockchain’s transformative potential in the country. The Thai cabinet recently agreed to waive income and value-added tax for companies that issue digital investment tokens.
Binace’s Head of Asia Comments
Binace’s Head of Asia Europe & MENA Richard Teng commented on the regulatory approval saying: We are grateful & honored to be granted digital asset operator licenses for gulf binance in thailand –a country with thriving crypto space that has demonstrated strong commitment embracing blockchain technology.
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Conclusion
Thailand is continuing its embracement of blockchain technology by granting approval for Gullf binance Co.,Ltd which is jointly owned by Binace & gulf innova .This move will help drive innovation , foster growth & delivering more value possibleto thai users through access to trusted & regulated services.
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