Thailand’s Gulf Energy will Invest In Blockchain Projects

Thailand’s Gulf energy will start investing in blockchain projects as it set up a subisidary to focus on investing in crypto and other blockchain projects as well so let’s read into today’s cryptocurrency news.

After collaborating with Binance, Thailand’s Gulf Energy Sarath Ratanvadi electric power generation company announced plans to invest directly into these digital assets. To do so, the company established a designated subsidiary. The company filed documents to the Stock exchange of Thailand informing it set up a Gulf International Investment Limited branch to serve as a subisidary. The starting capital will be $100,000 and Gulf Energy will hold a 100% equity stake so the new subsidiary will utilize the funds to invest in digital infrastrcuture, digital assets, blockchain tech, and other services.

These also include direct investments in funds that have portions of the portfolios in crypto and blockchain-based projects in foreign countries. This will be Gulf Energy’s second crypto endeavor since the year started. The company collaborated with Binance to set up a digital asset exchange in the Southeast Asian state. The Asian country changed the approach to the crypto industry earlier this week by banning the usage of the assets for these payments but investing in crypto has not been banned.

As recently reported, As of April 1^st, Thailand will prohibit the usage of cryptocurrencies as a means of payment for goods and services. Thailand continues with its controversial relationship with the crypto industry by implementing a ban on using these assets as a means of payment. The nation warned that they will threaten the financial system and the economy. The reports cited the local watchdog and informed that the crypto exchanges and other companies from the industry have to stop providing digital asset payment services starting from April 1^st.

The ban prohibits them from promoting the use of crypto as a payment method for services and goods. The new rule will come into effect on April 1^st but the local businesses will have until the end of it to comply with the regulations. This came after the enhanced speculations and internal discussions about the possible approach to the industry. The previous reports show that Thailand will implement comprehensive regulations as of this year and the nation dabbled with the different kinds of taxation that it should impose.