Business partnerships and ventures are important in crypto because they indicate where and when major moves could take place in the near future. That said, there are several signs pointing to a particular location right now. So what is this country and why is it so special?

It’s time to curry favor

Thailand might not be the first name that comes to mind when listing crypto hubs. However, many factors justify it.

First, the Thai administration has reportedly decided to scrap its proposed 15% cryptocurrency capital gains tax. This showed the power of crypto investors when it comes to industry-specific policies in their country. Thus, making it an attractive location for entrepreneurs.

Additionally, data from Finbold revealed that just over 20% of Thai internet users held cryptocurrency holdings, attesting to a high level of adoption. By comparison, only 12.7% of US-based internet users held crypto assets. From this perspective, it makes sense that a crypto exchange with a global presence like Binance would show interest in this market.

Another factor in Thailand’s favor is that its electricity prices are relatively cheap compared to those in the United States. This makes it an attractive destination for future mining ventures.

Always “Thai” your best

Reuters reported that Binance and Thai energy producer Gulf Energy Development Pcl are in the process of finalizing a joint venture for the second quarter of 2022. If the deal is cemented, both parties will need to approach regulators for licenses.

It is important to remember that in 2021, the Thai SEC filed a criminal complaint against Binance because the exchange allegedly operated without the required licenses. While Thailand could offer a plethora of favorable factors for crypto businesses, investors need to see if Binance’s thorny relationship with regulators around the world will be a deal breaker this time around.

Cub strikes alone

Thai Bitkub enjoyed a reputation as the largest crypto exchange in the country. However, Bitkub founder Topp Jirayut Spupsrisopa shared his intention to expand the company’s operations to other Southeast Asian countries. However, Bitkub was apparently looking for a country where there were no “clear winners”, so he could [presumably] be one.

If the Binance-Gulf Energy Development deal materializes, Binance may also expand into Southeast Asia, albeit more aggressively.