Gulf Binance, the latest company to receive a digital asset business licence from the Securities and Exchange Commission (SEC), is expected to start trading cryptocurrencies in Thailand early next year amid fierce competition among nine other crypto exchanges.
Yupapin Wangviwat, deputy chief executive and chief financial officer of Gulf Energy Development (Gulf), informed the Stock Exchange of Thailand (SET) that Gulf Binance will initially be open only to invited users, with plans to open to the public in early 2024.
Gulf Binance is a joint venture between Gulf Innova, which is wholly-owned by Gulf, and Binance, the world's largest cryptocurrency exchange platform.
Gulf Binance obtained approval from the SEC to commence operations of a digital asset business on Nov 10.
The company's digital asset platform plans to provide digital asset exchange and digital asset broker services for both cryptocurrencies and digital tokens, prioritising security and compliance with SEC regulations, Ms Yupapin said a filing to the SET.
Gulf, one of Thailand's largest power producers, and Binance have shown interest in launching a cryptocurrency business in Thailand since 2022, and notified the SET on May 26 this year of its plan.
"Gulf believes Gulf Binance will bring international standards to enhance service levels in Thailand, helping to develop the country's blockchain ecosystem through providing digital asset infrastructure and blockchain technology," she said.
Nine other digital asset exchanges have received business licences from the SEC. The other operators are: Waan Exchange (WAANX), Thai Digital Asset Exchange (TDX), InnovestX Securities (INVX), GMO-Z.Com Cryptonomics (Thailand) (Z.COMEX), Upbit Exchange (UPBIT), Zipmex (ZIPMEX), ERX Co Ltd (ERX), Bitkub Online (BITKUB) and Orbix Trade (SATANG PRO).
Phillip Securities said Gulf is a company that is continuing to expand its business.
Next year Gulf's main power plant business is projected to have total generating capacity of more than 2,490 megawatts, while imports of liquefied natural gas are slated to begin in March 2024.
The digital asset exchange through Gulf Binance should help the company continue to grow in the future, said the brokerage.