Zipmex digital assets exchange has been granted official authorization to operate in Thailand by the nation’s Ministry of Finance and Thailand’s Securities and Exchange Commission (SEC).
According to a press release shared with Micky, the Asia-Pacific digital assets exchange has been granted one of the few licenses to commence operations – a key development for the advancement of digital assets in the Asian region.
Zipmex is a regulated digital currency exchange provider. The exchange plans to become a market leader in the Asia-Pacific region by offering fast trades, high liquidity, insurance on the custody of digital assets, and a broad choice of cryptocurrencies.
Marcus Lim, the CEO and Co-Founder of Zipmex, noted that the approval serves as a huge endorsement for Zipmex by the Thai regulators. “We’re now among only a select few, and not to mention very established exchanges,” he said.
Thailand’s regulatory requirements
Thailand’s Ministry of Finance already made plans to improve how digital assets were regulated in the country.
The digital asset exchange license falls among one of several initiatives the country implemented to create a regulatory framework. They claim it will provide a legitimate and safe environment for investors.
A total of 30 cryptocurrency exchanges have applied for the digital asset exchange license and Zipmex is one of a small handful that received approval.
CEO and Co-Founder of Zipmex Thailand, Akalarp Yimwilai, explained that obtaining regulatory approval was Zipmex’s major priority.
“Being licensed and regulated by the SEC was always our main priority. We believe that being a regulated entity helps provide trust to newcomers looking to enter the digital assets market,” Yimwilai said.
Additionally, new advisory board member, Dr. Limpongpan also commented on the importance of being on the same frequency with regulatory demands.
“Digital currencies and securities are emerging asset classes for both the banked and unbanked. It’s 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.”
Partnerships and appointments
Following the approval of Zipmex’s license, the cryptocurrency exchange also revealed members of its advisory board.
They include Dr. Sathit Limpongpan, the former chairman of Stock Exchange Thailand and Professor Dr. Chaiya Yimwilai, the Vice Minister to the Deputy Prime Minister of Thailand. As well as, Dr. Vichya Krea-Ngam, Corporate Affair Specialist of True Corporation Plc.
Lim extolled the experience and background of the new board members: “Our core advisory team includes some of Asia’s most prominent finance and government leaders who have been instrumental in assisting Zipmex to navigate Thailand’s strict regulatory requirements.”
With the aim of getting retail and institutional investors in Thailand. Zipmex formed a collaboration with AEC Securities Public Company in Thailand. The company specializes in securities, brokerage, and investment banking.
Going forward, Zipmex Thailand will reportedly commence trading in early 2020. This follows the launch of the company’s country-centric platforms in Australia, and Singapore earlier this year. As well as, its launch in Indonesia in September 2019.