Thailand’s SEC Grants License to Crypto Exchange Platform Zipmex

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

SYDNEY, AUSTRALIA – Media
OutReach
 – 22 January 2020 – Asian cryptocurrency
exchange platform, Zipmex, has gained the license to
provide digital assets and exchange services in Thailand, following a 12-month
wait.

Thailand’s SEC Grants License to Crypto Exchange Platform Zipmex - Brand Spur

 

- Advertisement -

Headquartered in Singapore, the trading platform currently
operates in Indonesia and Australia, standing at a current valuation of $18
million after having raised $5 million to date. The bitcoin trading license
follows Zipmex’s $3 million
pre-Series A funding round
 just last September, led
by Infinity Blockchain Holdings.

Zipmex Expands Operations into Thailand, Heating Up Competition

Following reports that only four out of a total of 20
cryptocurrency firms were granted the same license in early 2020, Zipmex now joins
the growing list of firms operating in Thailand. The other four newly licensed
firms are Bitcoin Exchange, Bitkub Online, Satang Corporation, and Huobi
Thailand.

- Advertisement -

At the same time, it should be noted that two other firms –
Cash2coin and Southeast Asia Digital Exchange – were rejected from
their applications
, due to “inconsistent”
Know-Your-Customer (KYC) and Anti-Money Laundering processes.

Ever since Thailand’s SEC began regulating under its Emergency
Decree in Digital Asset Business B.E. 2561, only a few firms have been granted
the green light following its prudent regulatory requirements.

- Advertisement -

Having begun the process early in 2019, Zipmex had to meet
several stringent conditions prior to receiving the green light from Thailand’s
Ministry of Finance and SEC. One of them necessitated a shareholder equity of
at least $1.6 million (approximately 50 million baht).

Attaining the regulatory nod from Thailand’s Securities and Exchange
Commission (SEC) puts the young Asian cryptocurrency firm on the global map,
adding credibility to their remarkable growth in present time.

Read Also:  Malaysia’s online florist Flower Chimp gears up for Valentine’s Day deliveries

Nothing short of a major achievement for the young
cryptocurrency platform, Co-founder of Zipmex and CEO of the exchange’s
Thailand unit expressed:

“Being licensed and regulated by the SEC was always our main
priority as we believe that being a regulated entity will help provide trust to
newcomers looking to enter the digital assets market.”

 

Growing Popularity of Cryptocurrency in Southeast Asia

The market for cryptocurrency trading and virtual assets is
growing markedly in the Southeast Asia region, with Thailand as one of the first few
countries to enact cryptocurrency legislations
.

Read Also:  Malaysia’s online florist Flower Chimp gears up for Valentine’s Day deliveries

Thailand has made significant progress in a bid to encourage
more cryptocurrency trading firms to begin operating in the country. In March
2019, Thailand began development
of its own digital asset platform
 and the SEC approved
the country’s first Initial Coin Offering (ICO) portal
.

Following suit, the Philippines recently issued a regulatory
framework
 to boost investor protection, on top of
regulating the acquisition of crypto assets in the country. Likewise, one of
Singapore’s bigger food court operators, Kopitiam, began accepting
payments in bitcoin and other cryptocurrencies
.

The pivot to digital assets indicates the growing interest and
movement in the crypto space in the Southeast Asia region. All of these
developments are signals to trading exchange platforms, like Zipmex, the
emergence and growth of a highly competitive marketspace.

Thailand’s SEC Grants License to Crypto Exchange Platform Zipmex - Brand Spur

- Advertisement -
Thailand’s SEC Grants License to Crypto Exchange Platform Zipmex - Brand SpurThailand’s SEC Grants License to Crypto Exchange Platform Zipmex - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Thailand’s SEC Grants License to Crypto Exchange Platform Zipmex - Brand SpurThailand’s SEC Grants License to Crypto Exchange Platform Zipmex - Brand Spur

Latest News

Qatar Airways Touches Down for the First Time in Abuja, Nigeria

The airline will operate three weekly flights from Abuja via Lagos Passengers from Abuja can enjoy more flexible travel options...

Why the South African Rand is 2nd-best performing EM currency

Since the onset of the COVID-19 pandemic, foreign exchange markets experienced a whirlwind of volatility as movement restrictions and a weakened global trade weighed...

Weststar Increases Product Portfolio with Mercedes-Benz Axor

Weststar Associates Limited, Authorized General Distributor of Mercedes-Benz in Nigeria, has announced Mercedes-Benz Axor as its new offering for commercial vehicle fleet owners in...

Ellah Lakes announces a joint venture with Ondo State for the development of Oil Palm and Cassava Plantation

Lagos, November 27, 2020: Ellah Lakes Plc (Ellah Lakes) is happy to announce that it has executed an agreement with Ondo State Government for...

GOtv Nigeria: For the Love of Local Entertainment

In two days, a new cooking and lifestyle show will debut on GOtv, the digital terrestrial television platform from MultiChoice Nigeria. Titled 'Jollof With...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Thailand’s SEC Grants License to Crypto Exchange Platform Zipmex - Brand SpurThailand’s SEC Grants License to Crypto Exchange Platform Zipmex - Brand Spur