Crypto exchange Binance received a license to operate in Thailand

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The Gulf Binance group of companies, which brings togetherthe world's largest crypto exchange and Gulf Innova, announced that it has successfully obtained a digital asset operator license from the Thai Ministry of Finance.

Crypto exchange plans to start operations in Thailandin the fourth quarter of 2023. Gulf Binance intends to operate as a digital asset exchange and digital asset broker in accordance with local regulatory requirements. Since reaching a cooperation agreement in 2022, Binance and Gulf have been working closely with Thai officials.

“Thailand is a country with a prosperouscrypto space that has demonstrated a strong commitment to the adoption of blockchain technology,” explains Binance spokesman Richard Teng.

In April, the Thai Securities and Exchange Commission (SEC) intends to soften its stance on investments in initial coin offerings (ICOs) and remove restrictions for retail investors.

At the beginning of the year, the Thai regulator launchedan initiative aimed at raising people's awareness of blockchain and cryptocurrencies. In March, the Thai cabinet approved tax breaks for crypto-currency companies issuing investment tokens.