Binance crypto exchange formed a joint venture (JV) with Gulf Energy Development (Sarath Ratanavadi). Binance will apply for a license to operate as a digital asset exchange platform in Thailand.
A high demand for cryptocurrencies in Thailand lead to the partnership between Binance and Gulf Energy Development. Additionally, it has been reported that Gulf Energy will invest in BNB (Binance Coin).
Gulf Energy stated in a regulatory filing to the Stock Exchange of Thailand: "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 International Investment Limited
In March 2022, Gulf Energy announced that it will create a subsidiary, Gulf International Investment Limited that will invest in digital companies outside of the country.
"Gulf Energy Development Public Company Limited (the 'Company') would like to provide notification to the Stock Exchange of Thailand that the Company has established Gulf International Investment Limited, a subsidiary in which the Company holds 100% equity stake with registered capital of USD 100,000, to operate and invest in digital infrastructure, digital assets, blockchain technology business and other related services, including investment in funds that invest in aforementioned assets and businesses, in foreign countries."
source: official filing
Thailand Crypto Tax
The Government initially planned a 15% tax on crypto profits. Due to the backlash it received, the proposed 15% tax was scrapped. Until the end of 2023 crypto traders are not required to pay 7% VAT if they trade in exchanges that are authorized by the Government.
In 2021 the number of crypto accounts in Thailand was around 170,000. In January 2022 the number grew to 2 million, reflecting the great demand for cryptocurrencies.
