Zipmex, a crypto exchange based in Singapore, has received a license from Thailand’s Securities and Exchange Commission (SEC) to start its operations in the country.
The market regulator has strict requirements as the applicants must have at least $1.65 million in shareholders’ equity, the company said in a release Monday. In addition, the licensed entities must abide by the anti-money laundering measures.
According to the paper, SEC has rejected two out of 30 applications submitted by crypto exchanges as they failed to comply with the Know Your Customer (KYS) measure.
“Digital currencies and securities are emerging asset classes for both the banked and unbanked. It is 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,” said Chairman Sathit Limpongpan.
After obtaining the license, Zipmex is expected to go live in the first half of 2020. The company is currently operating in Australia, Singapore and Indonesia.
“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,” said CEO Akalarp Yimwilai.
The exchange has processed transactions worth 67 billion Rupiah within one month from going live in Indonesia. It has then recorded a robust increase in traded volumes.