According to the official press release dated 20th January 2020 Asia’s popular cryptocurrency exchange Zipmex became the first exchange of this year to have bagged a license from the nation’s Ministry of Finance and the Securities and Exchange Commission (SEC).
Singapore-based Zipmex is easily one of the most preferred cryptocurrency exchanges of the Asia Pacific region, as the platform managed to conduct trades worth sixty-seven billion Indonesian Rupiah (IDR 67 billion) within one month of its launch in Indonesia. Since then, it has witnessed a meteoric rise in its trade volumes and charted its expansion plan to the tee.
Cryptocurrency exchange Zipmex sets foot in Thailand
Today, it becomes one of the very few businesses to have secured a digital asset exchange licence from the country’s regulatory authority. Following the nod, Zipmex will now operate in Thailand as a fully-regulated crypto entity. Besides Thailand, the exchange has already set foot in other prominent Asia pacific markets like Australia, Singapore and Indonesia.
Commenting on the achievement, Zipmex told The Block that the firm had to comply with numerous rigorous conditions to procure the license, one of which involved having to secure a shareholder equity worth over one million US dollars ($1.6 million).
Akalarp Yimwilai, co-founder and CEO of Zipmex, remarked excitedly that it took about twelve months to receive the much-awaited nod from the SEC.
To offer a background, around twenty crypto firms have applied for approval from the SEC so far, out of which four have been granted the license, including Bitkub Online, Bitcoin Exchange, Coins TH Co., and Satang Corporation. Many of them failed to convince the SEC with their insufficient Know-Your-Customer procedures, which resulted in the rejection of license.
Zipmex eyes more expansion in 2020
Thus, getting a go-ahead by closely working with the SEC to address any inadequacies in the process is a big deal for the firm. Getting approval from the SEC has been our top priority through 2019 as we knew that being a fully-regulated and licensed exchange would enable us an edge over others and make a pillar of strength for newcomers entering the market, Yimwilai stated.
Although the firm still awaits its big launch in Thailand, which is slated to go live sometime during the first half of 2020 as it awaits activation, Yimwilai confirmed that Zipmex is in no mood to take it easy.
With a current valuation of eighteen million US dollars ($18 million), consumer base in seven countries and a staff strength of twenty-five, Yimwilai added that it has its eye on Vietnam as the next big market for expansion and a much bigger workforce by the end of 2020.
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