Thailand’s Gulf Energy to seal crypto JV with Binance in Q2

Thailand’s Gulf Energy to seal crypto JV with Binance in Q2

BANGKOK - Thai power producer Gulf Energy Development Pcl expects to finalise a joint venture (JV) with the world's biggest cryptocurrency exchange, Binance, in the second quarter this year, a senior executive told Reuters in an interview.

"Once we conclude talks with Binance on business model and shareholder agreements, a JV will be formed, which will apply for the license with regulators," Gulf chief financial officer Yupapin Wangviwat said.

She expects the JV to take about six months to obtain the license for trading and then other features would follow.

Cryptocurrency trading has exploded in Southeast Asia’s second-largest economy with transactions reaching 251 billion baht ($7.57 billion) in November, prompting authorities to introduce regulation.

The Gulf-Binance crypto exchange would have to comply with regulations, said Yupapin.

Last year Thailand's securities watchdog filed a criminal complaint against Binance for operating without a digital asset license.

The move into crypto comes from its owner and CEO Sarath Ratanavadi's plans to expand into digital infrastructure, which took shape last year when it increased its ownership of InTouch Holdings Pcl to 42% in a 48 billion baht deal.

InTouch owns the country's the country’s largest mobile operator, AIS.

On Thursday, Gulf established a separate JV with Singapore Telecommunications and AIS to build