Thailand’s Ministry of Finance has granted a key license to the world’s largest crypto exchange Binance, paving the way for the launch of a local Thai subsidiary later this year. In a joint venture with Gulf Energy’s Gulf Innova subsidiary, Binance would launch a crypto exchange in Thailand by the fourth quarter of 2023.

According to a recent blog post by Binance, the joint venture called Gulf Binance Co. Ltd has secured digital asset operator licenses from the Thai Ministry of Finance. The licenses would allow the joint venture to set up a crypto trading platform in the country that would be regulated by Thailand’s Securities and Exchange Commission (SEC).

Binance is aiming to combine its digital asset expertise with Gulf’s deep understanding of the Thai market in order to deliver the best value possible to Thai customers. Gulf Binance would set up a digital asset exchange and digital asset broker compliant with local regulatory guidelines. The platform is expected to be operational between October and December 2023.

Binance and Gulf’s joint venture was formed back in 2022. Both firms have reportedly been working closely with local regulators in Thailand to make sure that the new exchange complies with local laws and strictly adheres to the guidelines laid down by the Thai SEC. The securities regulator would likely oversee Gulf Binance’s operations.

Speaking on the latest development, Binance’s Head of Asia, Europe, and MENA, Richard Teng, stated, “By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users.”

As per the roadmap laid out by Gulf Binance, the launch of crypto operations in Q4’2023 would be followed by efforts to position the joint venture as the leading provider of infrastructure services for the digital asset ecosystem in Thailand. The joint venture also plans to nurture local Web3 talent and foster the growth of the broader blockchain landscape.