Binance has always shown globalist tendencies when it comes to expanding business and setting up new offices. The largest crypto exchange in the world has also come in conflict with regulators for this reason. While some countries banned Binance, it withdrew its application from others. The newest country under the radar of CZ Changpeng Zhao is Thailand. As with most developing nations, Thailand has shown immense promise in terms of cryptocurrency adoption. The government of Thailand also plans to make the country a crypto-friendly tourist destination for digital nomads. Given the present situation and potential of Thailand, it will be the perfect destination for Binance’s future projects.
Binance is partnering with Thai power company Gulf Energy Development PCL to further its plans. They are also in conversation with Thai government officials about the same. The tripartite deal will aim to make the most of Thailand’s booming crypto market and offer exposure to its citizens.
Thailand is already making considerable progress in its cryptocurrency regulations. The government aims to clear all regulatory confusions by this year. In a recent move, the Thai Revenue Department talked about a possible 15% taxation on crypto capital gains. As it stands now, the country is deemed to be one of the biggest players in the future crypto market.
Thailand is one of the many countries in South East Asia with huge potential for growth. The country has a substantial population that can benefit greatly from cryptocurrencies. If Binance can make the most of this situation, it will be able to assert its dominance in the global crypto space.