Crypto News: Thailand Grants Digital Asset License To Binance

Crypto News: Binance, the world’s leading cryptocurrency exchange, continues to make headlines with its international expansions and strategic partnerships. In its latest move, Binance has announced the acquisition of Digital Asset Operator Licenses in Thailand. This development comes shortly after the suspension of operations in Canada due to regulatory concerns.

Binance Secures Thailand’s Digital Asset License

On Friday, the crypto exchange revealed its partnership with Gulf Innova Co., Ltd. (Gulf) to establish Gulf Binance. Unlike previous regional and international launches, the Binance exchange has entered into a joint venture to obtain digital asset operator license from Thailand’s Ministry of Finance. With the necessary licenses secured, Gulf Binance will proceed with its plans to launch a crypto trading platform and digital asset broker in Thailand, slated for Q4 2023.

According to the official statement released, the new partnership aims to combine Binance’s extensive expertise in the digital asset 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 Web3 products for Thai users.

While speaking about 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 aims to showcase the full potential of blockchain technology to meet the needs of Thai users.

Thailand’s Growing Crypto Ecosystem

The preparations for this venture began in 2022, as revealed in a blog post by Binance. The two entities have been closely cooperating with Thailand’s regulators to ensure the establishment of a compliant-first exchange that strictly adheres to the guidelines set by the Securities and Exchange Commission.

Moreover, in recent times, Thailand has recently positioned itself as a thriving hub for cryptocurrency and related businesses, garnering attention from global players in the industry. According to the Crypto Readiness Index compiled by Recap late last month, Bangkok, the capital city of Thailand, secured the tenth spot globally. This ranking was a result of Bangkok attracting a significant number of 57 crypto companies, as reported by the Bangkok Post on February 7.

Historically, Thai regulators, including the Bank of Thailand and the ruling regime, have maintained a cautious approach towards digital assets. However, in recent months, there has been a noticeable shift in their stance. Thai financial regulators have progressively introduced clear and defined rules governing crypto trading and the advertising of digital assets.

The rising number of crypto companies setting up operations in Bangkok indicates the city’s favorable business environment and potential for growth. These companies are attracted to Thailand’s vibrant market, growing investor interest, and the progressive regulatory framework that provides a clear roadmap for operating in the crypto space.

As the country continues to refine its regulatory framework and foster innovation, it is poised to attract more crypto companies and establish itself as a prominent player in the global cryptocurrency market.

Also Read: Floki Partners With DWF Labs, Sees $5 Mn In Token Acquisition

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