Cryptocurrency exchange Zipmex, based in Singapore, has been awarded a license from the Thai SEC to start offering its services in Thailand.
The information comes from The Block on January 20, 2020. Zipmex is now one of the very few crypto players in Thailand that has a license to offer its crypto trading services to Thai clients.
In 2019, 20 crypto exchanges applied for a license with the Thailand’s Security and Exchange Commission, but only 4 received one, including Satang Corporation, Bitcoin Exchange, Bitkub Online and Coins TH Co. However, Bitcoin Exchange closed its crypto trading services and the SEC granted an operational licenses to Huobi Thailand. The latter is yet to launch its trading services in the country.
The financial watchdog in Thailand is very strict when it comes to awarding licenses to crypto exchanges and the entire cryptocurrency sector. For example, Zipmex had to meet a couple of stringent conditions in order to receive the document, including having shareholder equity cap of at least $1.6 million.
The co-founder and CEO of Zipmex, Mr. Akalarp Yimwilai, shared that it is of utmost importance to the exchange to fully comply with the SEC and have the support of the regulator. Mr. Yimwilai also shared that Zipmex is also considering an entry in Vietnam.
After receiving the license, Zipmex plans to launch its services in Thailand in the first quarter of 2020. For now, Zipmex operates in Australia, Indonesia and Singapore.
Zipmex was founded in 2018 and raised $3 million in September 2019. Currently, the exchange is valued at $18 million.