According to a company press release, Zipmex have become one of only a handful of businesses authorised to provide cryptocurrency exchange services in Thailand after the nation’s Ministry of Finance and the Securities and Exchange Commission (SEC) granted them the first digital asset exchange licence of 2020.
Talking on gaining the exchange licence, Zipmex Thailand CEO and Co-founder, Akalarp Yimwali, said, “…we believe that being a regulated entity will help provide trust to newcomers looking to enter the digital assets market.”
Thailand has been active in recent years forming a legal structure for digital currencies and tokens, with an emphasis on initial coin offerings (ICOs) and digital exchanges who need to comply with KYC/AML procedures and implement strict levels of IT security.
With exchange operations already established in Singapore, Australia and Indonesia, the expansion into Thailand will mean Zipmex will now facilitate fiat-to-crypto pairings in THB, USD, SGD, IDR and AUD.
Zipmex’s advisory board are thought to have been instrumental in guiding the company through Thailand’s legal landscape and include Dr Sahit Limpongpan, who is a former chairman of Stock Exchange Thailand, Professor Dr Chaiya Yimwilai, the Vice Minister to the Deputy Prime Minister of Thailand, and Dr Vichya Krea-Ngam, Corporate Affairs Specialist of True Corporation Plc.
Dr Limpongpan said, “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.”
In 2019, Zipmex raised $3 million USD in a capital fund raising led by Infinity Blockchain Holdings and partnered with securities, brokerage and investment banking specialists, AEC Securities Public Company in Thailand.