Binance Partners Gulf Energy to Seek Crypto Exchange License in Thailand

Binance, the largest crypto exchange by trading volume, has grown significantly recently, expanding to several countries. Notably, the exchange recently found a home in Dubai where it is considering moving its global headquarters to.

In a bid to further spread its wings, Binance is partnering with Gulf Energy, one of the leading energy producers in Thailand, to secure a digital assets exchange platform license in the country. The partnership is also aimed at helping Gulf energy achieve its aim of becoming a leader in digital infrastructure.

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

Gulf Energy stated in a regulatory filing to the Stock Exchange of Thailand.

Increasing crypto demand fueled decision

Thailand is one of the fastest growing countries in terms of demand for digital assets. The number of crypto accounts in the country grew from 170,000 to 2 million in less than one year from 2021 to January 2022. This suggests there is a potentially huge market for cryptocurrency exchanges in the country, a potential that Binance wants to harness.

Another thing that makes Thailand an attractive destination for Binance is the low crypto tax, which may have contributed to making the crypto user base grow at such a rate. The Thai government had proposed a 15% tax on crypto profit but this was scrapped and until 2023, users of government-approved crypto exchanges will pay zero VAT on crypto trades.

Gulf International Investment Limited announced earlier this year that its subsidiary, Gulf Energy will be investing in foreign digital companies, hence the joint venture with Binance. The growing market for digital asset exchanges in Thailand creates the perfect environment for this venture to thrive.

Mainstream giants entering crypto

Gulf Energy, a subsidiary of Gulf International Investment Limited, is an energy company based in Thailand that invests in energy, infrastructure and utilities, and recently digital business. Such a major mainstream company entering crypto is a sign that digital assets are finally finding a place in the mainstream sectors.

The partnership with Binance is particularly impressive as the exchange is more likely to spread the influence of the entire industry to other sectors faster than any other digital asset startup.