The crypto exchange plans to begin operations in Thailand in the fourth quarter of 2023.
Gulf Binance intends to operate as a digital asset exchange and digital asset broker in accordance with local regulatory requirements.
Since reaching a cooperation agreement in 2022, Binance and Gulf have worked closely with Thai officials.
“Thailand is a country with a thriving crypto space that has shown a strong commitment to the adoption of blockchain technology,” explains Binance spokesman Richard Teng.
In April, the Securities and Exchange Commission of Thailand (SEC) intends to soften its stance on investment in initial coin offerings (ICOs) and lift restrictions on retail investors.
Earlier this year, the Thai regulator launched an initiative aimed at raising people’s awareness of blockchain and cryptocurrencies.
In March, Thailand’s cabinet approved tax breaks for cryptocurrency companies issuing investment tokens.