The joint initiative aims to provide a secure platform for users to buy and sell digital assets using local currency pairings. Gulf Binance secured approval from Thailand’s finance ministry in May 2023, marking a significant step towards fostering crypto adoption in the region.
Regulatory uncertainties, a prevailing challenge in the crypto space, continue to impact the global landscape. Diverse approaches to cryptocurrency regulation worldwide have confused companies and investors.
Thailand banned the use of cryptocurrencies, including Bitcoin, as a medium of payment for goods and services in 2022.
Under the regulation, digital asset business operators are barred from advertising, soliciting, or setting up systems for paying for goods and services using cryptocurrencies.
Despite renewed interest in regulation following the 2022 crypto crash, regulatory clarity remains elusive, particularly in stablecoins and custody solutions.
US financial regulator, the Securities and Exchange Commission’s aggressive stance on crypto enforcement further complicates matters with lawsuits against major platforms like Binance and Coinbase. The ongoing regulatory turf war among federal authorities is impeding industry growth, prompting discussions about the need for streamlined regulation in the US.
While other regions, including the EU, Singapore, Japan, and the UAE, progress with their crypto regulations, the US lags, leading companies like Coinbase to contemplate relocation or international expansion.
GlobalData’s Thematic Intelligence: Cryptocurrencies (2023) report found the combined value of all cryptocurrencies soared to a record-breaking $3trn in November 2021, only to dip to $2.2trn by the end of 2021 due to fears of rising interest rates.
In 2022, unfavorable macroeconomic conditions and significant events like the Terra collapse and FTX bankruptcy led to a 64% decline in the overall crypto market to below $800bn.
However, the market rebounded in 2023, reaching $1.1trn on May 16, 2023, signaling resilience and growth in the crypto industry.
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