Binance advertisement that its joint venture with Gulf Innova Co., Ltd. has received a digital asset operator license from the Thai Ministry of Finance, paving the way for the launch of a cryptocurrency broker and exchange platform.

Cryptocurrency traders are overseen by the Securities and Exchange Commission of Thailand (SEC), meaning the new platform will comply with regulations, Binance said.

The new platform is expected to open in Q4 2023, with more details to be disclosed ahead of launch, said Binance.

“We are grateful and honored to have obtained a digital asset operator license for Gulf Binance in Thailand, a country with a thriving crypto space that has demonstrated a strong commitment to adopting blockchain technology,” said Binance head of Asia, Europe and MENA, Richard Teng, in a statement. a statement.

Gulf Innova is a wholly owned subsidiary of Gulf Energy Development PCL, the Thai conglomerate run by billionaire Sarath Ratanavadi. Bangkok and Binance based company they sign memorandum of understanding to explore the possibility of opening a digital asset exchange in Thailand in January 2022.

“Binance’s decision to partner with Gulf for this joint venture comes from the company’s extensive experience and expertise in the digital asset trading business,” a Binance spokesperson told Decryption.

The cryptocurrency company also highlighted that Gulf is one of the largest and fastest growing conglomerates in Thailand, with a large ecosystem that includes energy production, telecommunications and digital businesses.

Regarding the partnership agreement, Gulf Innova will provide governance and oversight of the joint venture to ensure that it operates in accordance with applicable laws and regulations.

“This partnership marries Binance’s unrivaled growth and expertise in the digital asset space with Gulf’s established presence and knowledge in Thailand,” the spokesperson added. “By joining forces, Binance and Gulf aim to create powerful synergies that will drive innovation, drive growth, and deliver extraordinary value to users in the digital asset ecosystem.”

With a population of nearly 72 million people, Thailand has become a major cryptocurrency hub in Southeast Asia, with the nation’s capital city Bangkok ranking 10th globally in Crypto Readiness Indexpublished by cryptocurrency tax software company Rekap in January this year.

This is despite the fact that the government banned cryptocurrencies as a payment method last year.

“While Thailand banned the use of cryptocurrencies as a payment method last March, the regulation does not affect trading or investment activity,” Recap CEO Daniel Howitt told Bangkok Post in February.

Thai too eighth rank in Chainalysis’s Global Cryptocurrency Adoption Index for 2022, outperforming countries such as Russia, China, Nigeria, Turkey, Argentina, and the United Kingdom.