The Asia-Pacific crypto-fiat exchange Zipmex has been given a digital assets exchange license by the Thai Securities and Exchange Commission (SEC).
As stated in a press release from January 20, the Thai SEC and the country’s Ministry of Finance have approved Zipmex to have its license, which is known for very strict regulatory requirements like having applicants proving a minimum of 50 million baht (which is about $1.65 million) shareholder equity and working with the highest standard technologies for both trading and security. The companies granted the license function as financial institutions and must respect the Anti-Money Laundering reporting regulations.
About 30 Crypto Exchanges Have Been Rejected
It seems there have been around 30 crypto exchanges that didn’t get their Thai SEC’s license as a result of implementing poor security and Know Your Customer (KYC) measures. The license is a part of Thailand’s regulatory framework for digital assets. Dr. Sahit Limpongpan and Prof. Dr Chaiya Yimwilai, who are the former Stock Exchange chairman and the former Vice Minister to the Deputy Prime Minister respectively, happen to now be on Zipmex’s advisory board.
Zipmex Is Partner with the AEC Securities Public Company
Zipmex and Thailand’s AEC Securities Public Company, which is specialized in investment banking, securities and brokerage, are partners and try to attract both institutional and retail investors to conduct businesses in the country. Now that it has the SEC license, Zipmex is expected to start operating in Thailand very soon, especially after it has launched its platforms in Singapore, Indonesia and Australia.
Thai Authorities More Open to the Crypto Sector
Even if they have tried to ban Bitcoin (BTC) in 2013, the Thai authorities are now more open when it comes to the crypto sector. As a matter of fact, the Thai SEC even granted 4 exchanges their licenses back in January 2019: Satang Corporation, Bitkub Online Co., Bitcoin Exchange Co and Coins TH, which is a crypto broker-dealer.
After this has happened, the Securities and Exchange Act amendment was released in February the same year, legitimizing tokenized securities that are issued through a blockchain technology.