Gulf Binance, a joint venture between Binance, the world's leading cryptocurrency exchange, and Gulf Energy, one of Thailand's largest private power producers, has secured regulatory approval in Thailand.
In a statement issued on Friday, Binance stated that the venture is aimed at showcasing the vast potential of blockchain technology to meet the needs of Thai users.
Richard Teng, Binance's Head of Asia, Europe, and MENA, expressed his enthusiasm for the new development and said, "By harnessing Binance's expertise together with Gulf’s established local presence and network, Gulf Binance aims to fully leverage blockchain technology to cater to the needs of Thai users."
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Binance added that it remains committed to adherence to local regulations and compliance standards to enhance user trust and promote the broader adoption of blockchain technology and cryptocurrencies in Thailand.
Thailand appears to be leaning towards establishing itself as a burgeoning hotspot for cryptocurrency in Asia.
As part of this push, the nation's regulatory bodies unveiled guidelines for crypto custody services in January, subsequently declaring a generous tax incentive worth $1 billion for companies issuing investment-focused digital tokens.
Despite these advancements, the country implemented a prohibition on crypto lending and staking services in 2022, along with limitations on advertisements related to digital assets, which suggests that Thailand is adopting a vigilant strategy in managing this developing market.
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