Popular crypto exchange, Binance has announced that its joint venture has obtained regulatory approval to operate as a digital asset firm in Thailand. In a Friday blog post, the exchange said the regulatory license was issued by the Ministry of Finance in the country. It is worth mentioning that the venture, identified as Gulf Binance is jointly owned by the exchange and Gulf.
Following the regulatory approval, Gulf Binance will now be able to proceed with its plan to establish a digital asset exchange as well as digital asset broker. Meanwhile, it will carry out these operations in line with the regulatory framework obtainable in the country. According to the announcement, Gulf Binance plans to launch the new platform in Thailand in the fourth quarter of 2023.
Binance, Gulf to avail best offerings in Thailand through the joint venture
Through the joint venture, Binance seeks to showcase its expertise in the crypto industry. It chose Gulf to serve as its founding partner owing to its knowledge about the virtual asset landscape in Thailand. Aside that, Gulf also enjoys an established presence in the country. In view of this, the duo collaborated to form Gulf Binance to foster innovation, growth and avail best offerings to residents in the country.
Last year, they reached a spectacular agreement to launch the joint venture and have, since then, been working with Thailand’s regulator to develop a digital exchange in adherence to the laws. Worthy of note that the regulator in Thailand is saddled with the responsibility of creating and enforcing financial laws in the country.
Head of Asia, Europe and MENA with Binance, Richard Teng gave some comments on the new feat. The exec describes the new regulatory license issued to Gulf Binance as a significant achievement in the quest to make the venture thrives in Thailand. According to Teng, Thailand has, over time, continued to demonstrate its dedication to embracing blockchain tech. He added that Binance will harness its expertise, coupled with Gulf’s local presence in the country to advance the potential of blockchain through the venture. Also, Teng affirms the commitment of Gulf Binance to aiding users’ access to a reliable digital asset exchange.
Operations begin later this year
Meanwhile, Gulf Binance has already unveiled its roadmap. It hopes to commence operations in Thailand before the end of the year. The joint venture wants to offer crypto offerings through its upcoming digital asset exchange. According to its announcement, the exchange will be channelled towards leveraging the latest advances in blockchain tech. In the future, Gulf Binance aims to emerge as the leading provider of infrastructural services in Thailand. To achieve this, it will empower local Web3 talents and help advance the development of blockchain landscape in the country.