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Crypto-fiat trading platform Zipmex has received the approval of Thailand’s Ministry of Finance and the Thai Securities and Exchange Commission (SEC) to operate in the country, according to a press release shared with Cointelegraph on Monday.
Crypto platforms that want to secure a license in Thailand need to prove that they have solid finances with shareholder equity of at least 50 million baht ($1.65 million). They also need to uphold high standards in their IT and cybersecurity systems. Once the license is granted, the company will be classified as financial institution and has to comply with the country’s Anti Money Laundering rules.
Around 30 crypto exchanges have applied for the license from the securities regulator to date and two have already been rejected due to inadequate Know Your Customer (KYC) and security measures.
Zipmex has already launched its operations in a number of countries including Australia, Singapore, and Indonesia.
“Every country has its own set of rules and regulations when it comes to trading cryptocurrency online. Zipmex has beneficiaries from a variety of countries. Hence, it ensures that it complies with each country’s rules and regulations before launching itself there. This is done to provide better service and increase reliability,” Zipmex wrote on its website.
Zipmex raised $3 million in a funding round led by Infinity Blockchain Holdings in 2018. With the newly acquired license, the exchange is aiming to launch its operations in Thailand early this year.
“Digital currencies and securities are emerging asset classes for both the banked and unbanked. It is an interesting time in our financial history, and I’m glad Thai regulators are working with exchanges to build regulatory frameworks for these new technologies to operate within,” said Dr. Sahit Limpongpan, former chairman of Stock Exchange Thailand and member of Zipmex’s advisory board.
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