1. BITBILIHome
  2. Article

Gulf Binance receives nod from Thai Ministry of Finance for digital asset operation

• 223 views

TL;DR Breakdown

  • Binance and Gulf Innova’s joint venture, Gulf Binance, has received a Thai crypto exchange license.
  • The approval underscores Thailand’s efforts to position itself as a significant Asian crypto hub.
  • The collaboration signifies a focus on blockchain in Thailand, while regulatory moves highlight a balanced crypto approach.

Gulf Binance, the alliance between the global cryptocurrency exchange Binance and Gulf Energy’s innovation arm, Gulf Innova, recently secured a coveted digital asset operator license from Thailand’s Ministry of Finance. This major development sets the stage for the company to introduce a regulated crypto exchange and broker in Thailand, with a launch anticipated by the end of this year.

According to Binance’s Head of Asia, Europe, and MENA, Richard Teng, the partnership merges Binance’s unrivaled blockchain expertise with Gulf’s entrenched local presence and network. “Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users,” Teng explained. Gulf Energy, known for its significant investment in Binance’s US arm, is one of Thailand’s largest private power producers.

Thailand warms up to cryptocurrency as emerging Asian crypto hub

Thailand’s regulatory landscape, which has slowly been warming up to the crypto industry, further cements its growing reputation as a rising Asian crypto hub. This year, regulators introduced a series of rules for crypto custody services, followed by a $1 billion tax break for companies issuing digital tokens for investment purposes. However, Thailand’s cautionary stance is evident in a 2022 ban on crypto lending, staking services, and restrictions on digital asset-related advertising, demonstrating its careful approach to overseeing this burgeoning market.

Gulf Binance’s license, regulated by Thailand’s Securities and Exchange Commission, marks a critical milestone for the country’s crypto journey. Also, it testifies to the nation’s commitment to blockchain technology and the crypto space, potentially laying the foundation for a thriving digital asset exchange.

The Thai billionaire Sarath Ratanavadi’s Gulf Energy, which collaborated with Binance for over a year to assess the possibility of launching a local digital asset exchange, further reinforces this commitment. The collaboration, initiated in January 2023, seems to be reaching fruition with the latest licensing announcement.

As Thailand treads a careful path between embracing crypto and ensuring investor protection, this new license for Gulf Binance highlights a significant step forward in its journey toward becoming a dominant player in Asia’s cryptocurrency landscape.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Gulf Binance receives nod from Thai Ministry of Finance for digital asset operation

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月29日 12:03
Next 2023年5月29日 13:44

Related articles

  • SEC Seeks Expedited Appeal in Ripple’s XRP Case

    TL;DR Breakdown The SEC has formally requested an expedited appeal, targeting a specific part of Judge Torres’ decision on Ripple’s XRP, focusing on “Programmatic and Other Sales.” The outcome of this legal skirmish holds significant implications for the broader cryptocurrency industry, potentially influencing regulatory approaches to digital assets in the future. Description The US Securities and Exchange Commission (SEC) has taken a significant step in the ongoing legal battle with Ripple Labs over the classification of its XRP token. In a recent move, the SEC has formally requested an expedited appeal, challenging a specific segment of Judge Analisa Torres’ ruling. This development has not only intensified the … Read more The US Securities and Exchange Commission (SEC) has taken a significant step in the ongoing legal battle with Ripple Labs over the classification of its XRP token. In a recent move, the SEC has formally requested an expedited appeal, challenging a specific segment of Judge Analisa Torres’ ruling. This development has not only intensified the legal proceedings but also promises to provide pivotal insights into the future of cryptocurrency regulation….

    Article 2023年8月20日

  • Swift records success in blockchain interoperability test

    TL;DR Breakdown Swift has recorded success in its latest blockchain interoperability test featuring 10 banks. Advancing tokenization through cross-chain communication. Description In a significant leap towards enhancing blockchain interoperability, global interbank messaging service Swift has recently collaborated with over ten financial institutions, including renowned names like Citi, BNP Paribas, and BNY Mellon, to conduct a series of successful tests. These tests aimed to establish seamless connections between various blockchains and traditional financial assets, offering a glimpse … Read more In a significant leap towards enhancing blockchain interoperability, global interbank messaging service Swift has recently collaborated with over ten financial institutions, including renowned names like Citi, BNP Paribas, and BNY Mellon, to conduct a series of successful tests. These tests aimed to establish seamless connections between various blockchains and traditional financial assets, offering a glimpse into the potential of tokenization and cross-chain communication. Swift leveraged CCIP to achieve interoperability Swift’s venture into the realm of blockchain interoperability involves leveraging the Cross-Chain Interoperability Protocol (CCIP), a pioneering communication network akin to Swift’s role in traditional finance. The recent collaboration with Oracle provider…

    Article 2023年9月1日

  • China’s economy falls into deflation as consumer prices fall

    TL;DR Breakdown China’s economy is facing deflation, evidenced by the contraction of consumer prices for the first time in over two years. The government has established an inflation target of approximately 3% for the year, which has proven challenging. Description China’s economy is facing deflation, evidenced by the contraction of consumer prices for the first time in over two years. This development is a prominent illustration of policymakers’ difficulties in stimulating consumer spending.  In July, the consumer price index experienced a 0.3 percent year-on-year decrease, contrasting with the previous month’s status quo. Simultaneously, the producer … Read more China’s economy is facing deflation, evidenced by the contraction of consumer prices for the first time in over two years. This development is a prominent illustration of policymakers’ difficulties in stimulating consumer spending.  In July, the consumer price index experienced a 0.3 percent year-on-year decrease, contrasting with the previous month’s status quo. Simultaneously, the producer price index, which measures the prices of goods at the factory level, saw a significant decline of 4.4 percent in July. China’s inflation trajectory fell in July…

    Article 2023年8月9日

  • China’s Guanxi embraces CBDC for ASEAN trade bonds

    TL;DR Breakdown China’s Guangxi Zhuang region is set to pioneer the use of the e-yuan, the country’s CBDC, for trade with Southeast Asian countries, thereby reinforcing China’s ambition to globalize its digital currency. Guangxi will adopt nine nationwide functions for the e-CNY and will experiment with eight unique local scenarios, including its use in the annual China-ASEAN Expo and in the region’s free-trade zones. The e-yuan initiative aligns with China’s strategic goals to circumvent potential Western sanctions and gradually diminish the US dollar’s global dominance in trade settlements. China’s quest to cement its position as a global leader in digital finance is seeing the southeastern region of Guangxi Zhuang pioneer the use of the nation’s Central Bank Digital Currency (CBDC), the e-yuan, in trade with Southeast Asian countries. This latest development emphasizes China’s strategic drive to widen the scope of its CBDC on a global scale. Accelerating the e-yuan influence Guangxi Zhuang, an autonomous region sharing its border with Vietnam, has committed to implementing nine national functions and piloting eight local scenarios with the e-CNY. Among these scenarios is the…

    Article 2023年5月22日

  • Astar Network and Polygon collaborate to launch zkEVM Ethereum Layer 2

    TL;DR Breakdown Astar Network and Polygon Labs partner to introduce Astar zkEVM, a Layer 2 solution designed to enhance Ethereum’s scalability using the Polygon CDK. The collaboration emphasizes Japan’s commitment to Web3 adoption, with Astar aiming to attract global entertainment and gaming projects to the Japanese market. Description In a significant development for the blockchain community, Astar Network, a prominent Layer 1 smart contract platform, has announced its collaboration with Ethereum scaling developer Polygon Labs. The partnership aims to introduce Astar zkEVM, a Layer 2 solution that promises to revolutionize the Ethereum, Polkadot, and Cosmos ecosystems. Contents hide 1 A new era for … Read more In a significant development for the blockchain community, Astar Network, a prominent Layer 1 smart contract platform, has announced its collaboration with Ethereum scaling developer Polygon Labs. The partnership aims to introduce Astar zkEVM, a Layer 2 solution that promises to revolutionize the Ethereum, Polkadot, and Cosmos ecosystems. Contents hide 1 A new era for Ethereum scaling 2 Understanding the Astar zkEVM mechanism 3 Japan’s vision for Web3 4 Conclusion A new era for…

    Article 2023年9月13日
TOP