Binance to Apply for License to Operate Digital Asset Trading Platform in Thailand

Gulf International Investment Limited

Gulf Energy said in March 2022 that it will establish a subsidiary, Gulf International Investment Limited, to invest in offshore digital ventures.

"Gulf Energy Development Public Company Limited (the "Company" ') wishes to inform the Stock Exchange of Thailand that it has established a subsidiary, Gulf International Investment Limited, in which the Company holds 100% equity interest with a registered capital of US$100,000 for the purpose of operating and investing in digital infrastructure, digital assets, blockchain technology businesses and other related services, including funds that invest in digital infrastructure, digital assets, blockchain technology businesses and other related services."

Thailand Cryptocurrency Tax

Initially, the government intended to levy a 15% tax on cryptocurrency profits. Due to negative reactions, the proposed 15% tax was withdrawn. By the end of 2023, cryptocurrency traders will not have to pay 7% VAT if they trade on a government-approved exchange.

In 2021, the number of crypto accounts in Thailand is expected to be around 170,000. This number increases to 2 million in January 2022, indicating a high demand for cryptocurrencies.