Gulf Innova, the subsidiary of the Thai public company Gulf Energy Development, entered into an agreement with Binance Group to jointly study avenues for the development of digital asset exchange and related business in Thailand. Binance is the largest cryptocurrency exchange in the world in terms of the daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.
The two parties then formed a joint venture, and announced that they will apply for a license to operate as a digital asset exchange platform in Thailand. As part of the agreement, it has been reported that Gulf Energy will invest in BNB (Binance Coin).
In a regulatory filing to the Stock Exchange of Thailand, Gulf stated that “the company believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the company to expand into other digital asset-related initiatives in the future.”
The Government initially planned a 15% tax on crypto profits, which was later cancelled. Until the end of 2023 crypto traders in Thailand are not required to pay 7% VAT if they trade in exchanges that are authorized by the Government.
The number of crypto accounts in Thailand was around 170,000 in 2021. In January 2022 this figure reached 2 million.
(Sources: Bitcoin.com; Finance Magnates)