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Sunday, May 22, 2022

Binance Has Its Eyes Set On Thailand For Expansion

Binance has been looking towards re-establishing crypto exchange services and opening up a new branch in Thailand after signing an agreement. The agreement was signed by the crypto asset and Gulf Energy Development PCL. For the uninformed, Gulf Energy Development PCL is a holding company in Thailand that is run by billionaire Sarath Ratanavadi that is strictly focused on the energy sector. The company reportedly made the agreement with the largest crypto exchange in the world based on the strong assumption that the digital economy of the country would be seeing some massive growth in the next few years.

Binance Could Expand Itself In Thailand

The collaboration between Gulf Energy, Binance, and the government of Thailand will set their focus on exploring the options of the crypto exchange in the market of Thailand, which could include bringing out an exchange and related businesses in the Kingdom. A spokesperson for the company told Reuters on the 17th of January that their major goal was to work with the regulators, government, and most of the innovative companies to develop the crypto and ecosystem of blockchain in Thailand. 

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Binance could be in luck, for the digital economy of this country is set towards a greater regulatory clarity for traders of this digital asset. The director-general for the Revenue Department in the government made regulatory transparency a top priority this month after they announced a capital gains tax of 15% on crypto trades on the 6th of January. 

Interestingly, Binance was also on the receiving end of a criminal complaint from the SEC branch of the Thai government in July 2021. The complaint accused the digital exchange company of operating a business of digital asset without a license and then opened up an investigation against the exchange. 

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