- 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 take up the mantle. However, other regions have taken a more positive take on the crypto ecosystem beyond the African border.
In a recent development, Thailand’s crypto ecosystem has gained an unexpected collaborator as Binance exchange 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 still kept an open mind when dealing with it.
In 2018, the Bank of Thailand and the Thailand SEC allowed banks to set up a branch 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. 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.
Thailand has one of the best regulation frameworks, ensuring the region benefits from its growing market. This eventually piqued the interest of Binance Exchange, which made numerous attempts to establish a branch within the region.
Gulf Binance Exchange, the merger between Gulf Innova and Binance
Thailand’s SEC has made several attempts at streamlining the region’s crypto ecosystems, ensuring 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 operating on an invite-only basis but eventually found the means to access the general public via Gulf Binance.
Gulf Innova has significantly contributed to the launch of Gulf Binance as it aligns with its plans to broaden investment for Gulf Energy led by Thai billionaire Sarath Ratanavadi. With Thailand’s crypto ecosystem taking root after the SEC released several regulatory frameworks, it 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 been working 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.“
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.