March 28, 2024

Crypto exchange Binance received a license to operate in Thailand

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Crypto exchange Binance received a license to operate in Thailand

The Gulf Binance group of companies, which unites the world's largest crypto exchange and Gulf Innova, announced that it has successfully obtained a digital asset operator license fromMinistry of Finance of Thailand.

The crypto exchange plans to start operations in Thailand in 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 worked closely with Thai officials.

"Thailand is a country with a prosperouscrypto space that has demonstrated a strong commitment to blockchain technology,” explains Binance spokesperson 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 increasing people's awareness of blockchain and cryptocurrencies. In March, the Thai Cabinet approved tax incentives for cryptocurrency companies issuing investment tokens.