Binance To Expand Its Services To Thailand
Few weeks after agreeing in principle to establish its base in The Bahrain Kingdom, world’s largest crypto exchange Binance is on the move to establish its crypto services in Thailand, as it continues to expand. Binance is optimistic of opening another branch in the Asia continent after it penned a deal with Gulf Energy Development PCL.
Gulf Energy Development is a power holding company in Thailand. Reports have it that the company signed an agreement with Binance based on a futuristic projection that it will accelerate the growth of Thai’s digital economy.
The agreement between the two parties will pave the path for further exploration of Binance’s options in the market, including setting up an exchange and other crypto-based businesses. Speaking after penning down the agreement, Binance’s spokesperson disclosed that the firm’s objective is to work in synergy with interested bodies and visionary companies to facilitate cryptocurrency and blockchain adoption in Thailand.
Thai’s Crypto Traders Demand More Regulatory Clarity
Thailand is on the verge of seeing better regulatory clarity after widespread calls from digital currency traders. The D.G. of the Revenue Department revealed last week that his top priority is to make crypto regulations transparent. This came after the Digital Asset Association requested for more clarity on the newly proposed tax laws on virtual currencies.
Earlier this month, Thailand proposed slamming 15% capital gains tax on crypto traders and miners in a bid to regulate the industry. However, crypto traders sighted some confusion in the regulations and sought for improved clarity.
The traders shared some concerns with the laws. According to them, many traders and investors will be willing to pay, but could end up breaking some of the laws unintentionally because they wouldn’t know if they are taking the right steps. The traders appealed to the government to expound on the regulations for the benefit of all.
Fortunately, crypto exchanges in the country are exempted from these taxes, which is good news to Binance. That should also explain the reason the exchange is making some advances towards Thailand.
The government has stated on numerous occasions that they have no intention of hampering innovation, especially in the area of finance. However, they warned that there could be a grave crisis if they rush to accept crypto trading without comprehending it thoroughly.
Binance Keep Getting Stronger
2021 was a rough year for the crypto firm, as it faced several regulatory complaints. Most of the complaints stemmed from the fact that Binance was operating without a license and a physical office.
The exchange was involved in a regulatory rumble with Thai’s SEC in July last year regarding the same issue. The regulator carried out an investigation, but it seems that everything has been put to bed.
Since shutting down its services in Singapore, Binance has made moves to establish its presence in Indonesia and Bahrain, and now in Thailand. Interestingly, all three countries are still in Asia.
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