Big Win For Binance: Joint Venture With Gulf Energy Secures Green Light In Thailand
Benzinga
Published May 26, 2023 20:33
Updated May 26, 2023 21:40
Big Win For Binance: Joint Venture With Gulf Energy Secures Green Light In Thailand
Benzinga - 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."
Also Read: Formula 1 Races Into The NFT World: Platinium Group Launches NFT Race Passes
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.
Read Next: Dubai's Crypto War Cry: It's Time to Close The Gaps And Stop The Bad Actors
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Get The App
Written By: Benzinga
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.