The Zipmex crypto exchange recently received approval from Thai authorities to operate in the nation. Zipmex had to wait for 12 months to receive the approval. Under the license, the exchange will be able to offer its digital exchange services in the nation.
In August 2018, reports emerged that claimed 20 crypto exchanges had applied for the SEC license and only four received the license in late 2019. According to the exchange’s CEO, the license approval took 12 months. He added that they began the application process in early 2019.
According to him, getting regulatory approval in Thailand had been their top priority. He said being regulated would help them provide trust to newbies in the crypto sector. He noted that the approval process was quite stringent. For instance, they needed to have shareholder equity of at least $1.6 million.
Thailand began regulating crypto exchanges in 2018. This was after the issuance of the Emergency Decree in Digital Asset Business B.E. 2561 was issued in 2018. The SEC has since granted licenses to the few firms that have met the requirement of the license.
Zipmex has the goal of becoming the largest crypto exchange in Southeast Asia. In September 2019, the exchange raised $3 million during a Series A funding round. Thus far, the firm has managed to raise $5 million from investors. It has a market valuation of around $18 million. The company has 25 employees working across 7 nations. It currently operates in Indonesia, Australia, and Singapore.
ZipMex’s Trading Platform
Zipmex does not have a trading platform in Thailand. However, the CEO of the company says they will launch services in Thailand in Q1 2020. Besides that, he hinted that they might launch a trading platform in Vietnam.
Growing Crypto Popularity across Southeast Asia
While Thailand was initially wary of crypto, the nation’s regulator has embraced the industry. This is in line with the growing popularity of the crypto sector in South East Asia. Even the nation’s Stock Exchange, the Stock Exchange of Thailand plans to launch a digital assets platform.