Binance given an official approval to operate in Thailand
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By: Coindesk
Date: 27th May 2023
***Article courtesy of Coindesk***
Binance, a joint venture between crypto exchange Binance and Gulf Energy’s innovation arm Gulf Innova, has received a digital asset operator license in Thailand, according to a Friday press release.
The rubber-stamp from Thailand’s Ministry of Finance will allow the firm to advance plansto open a regulated crypto exchange and broker in the southeast Asian country. The platform will likely launch by year's end, according to a press statement.
“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, Binance Head of Asia, Europe, and MENA Richard Teng said in a statement. Gulf Energy is one of Thailand’s largest private power producers.
Thailand has signaled it is warming up to positioning itself as an emerging Asian crypto hub. In January, the country’s regulators introduced a set of rules for crypto custody services, and later announced a 1 billion tax break for firms issuing digital tokens for investments.
