• Binance Exchange has partnered with Thailand’s Gulf Innova to launch the Gulf Binance Exchange.

• On Jan 16, Binance Exchange opened this new Thai-base crypto exchange to offer a dedicated order tool for Thai baht trading pairs.

• The Gulf Binance will integrate with the region’s banking systems, facilitating local currency deposits and withdrawals.

Despite the turmoil and hurdles of the 2023 crypto market, the industry has showcased a positive inclination toward adoption. Many governments are warming up to the concept of the digital asset by launching research teams to learn more about how such a system can benefit economic growth.

 Others have gone a step further and implemented several new regulatory frameworks, allowing a streamlined adoption of digital assets. Nigeria and South Africa have pioneered this movement in Africa, inspiring many to follow suit. However, other regions have taken a more positive view of the crypto ecosystem beyond the African border.

 In a recent development, Thailand’s crypto ecosystem has gained an unexpected collaborator. Binance and Gulf Innova have partnered to launch the Gulf Binance exchange. According to official reports, this new Thai-based crypto exchange will overhaul the growing crypto community by providing services catering to their specific needs.

Thailand’s Crypto Ecosystem

Similar to many regions, Thailand’s crypto economies have always showcased neutral growth in these matters. According to Statista, in 2022, around 12 per cent of the Thai population interacted with the market.

Despite this, Thailand has had its fair share of setbacks when initially dealing with digital assets but has kept an open mind. 

In 2018, the Bank of Thailand and the Thailand SEC allowed banks to set up branches to invest in or issue cryptocurrency. According to Thailand’s legal framework, cryptocurrencies and digital tokens are considered digital assets under Thailand’s Emergency Decree on Digital Asset Businesses.

The Thailand SEC has enforced this decree on secondary crypto trading and initial coin offerings.

Thailand’s crypto ecosystem has gradually grown while maintaining this framework, enabling the digital asset operators of exchange, brokers, and dealers to trade using specific cryptocurrencies listed by the SEC.

In addition, the legal framework has stipulated that only profit derived from trading cryptocurrency and digital tokens and farming digital tokens are subject to withholding tax. In April 2023, the Thailand SEC licensed six digital asset exchanges and brokers to buy and sell cryptocurrencies.

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BitKub has managed its position as the dominant Thai-based crypto exchange despite facing several legal charges from SCB X and Zipmex and being involved in the FTX scandal. Today, Ethereum and DogeCoin have received the most search interest in the region and have a significant crypto trade volume.

Gulf Binance Exchange, the merger between Gulf Innova and Binance

Thailand’s SEC has tried to streamline the region’s crypto ecosystems, ensuring that all exchanges adhere to its rules. In addition, it has worked to build a friendly ecosystem promoting the use and adoption of digital assets. This eventually piqued Binace’s interest, and Binace has made numerous attempts to establish a Thai-based crypto exchange.

 In recent developments, Binance Exchange has partnered with Thailand’s Gulf Innova to launch the Gulf Binance Exchange. On Jan 16, Binance Exchange opened this new Thai-base crypto exchange to offer a dedicated order tool for Thai baht trading pairs and other features. The Gulf Binance will integrate with the region’s banking systems, facilitating local currency deposits and withdrawals.

Two months before the launch, Thailand SEC licensed Binance after it operated on an invite-only basis but eventually found a way to access the general public via Gulf Binance.

Gulf Innova has significantly contributed to the launch of Gulf Binance, aligning with its plans to broaden investment in Gulf Energy led by Thai billionaire Sarath Ratanavadi. Thailand’s crypto ecosystem, which took root after the SEC released several regulatory frameworks, hints at the grand transition into a digital asset era. 

Gulf Energy, Thailand’s natural gas distribution sector, has a diverse portfolio covering renewable energy, infrastructure development, and digital infrastructure ventures. The Gulf Binance will provide both companies with a means of extending their reach in Thailand’s growing crypto ecosystems. 

Nirun Fuwattananukul, CEO of Gulf Binance, said, “We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have worked closely with Thai regulators, putting substantial effort into detailed planning.“

Richard Teng, CEO of Binance, said, “With the full operation of Binance TH by our Thai joint venture to the general public in Thailand, we will uphold our unwavering commitment to security, transparency, and service quality. Blockchain technology and digital assets carry the power to bring about financial inclusion. This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.“

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The Thailand SEC holds plenty of hope for the Gulf Binance Exchange as it continues to regulate and monitor the community. If this trend continues, Thailand may transition into a digital asset economy quicker than its peers, a factor African nations can learn from.