Thai Watchdog to Issue License to Zipmex

About 30 crypto-exchanges have already applied for licenses to the local Securities and Exchange Commission
20 January 2020   204

According to a press release distributed on January 20 with the Cointelegraph, the Thai Ministry of Finance and the Thai Securities and Exchange Commission (SEC) approved Zipmex for a license that imposes strict regulatory requirements on applicants.

In order to obtain a license, applicants must prove that they have reliable financial sources - with a share capital of at least 50 million baht (about 1.65 million dollars) - and that they work at a high level in their IT and cybersecurity systems.

Under Thai law, licensed digital asset operators that are licensed are classified as financial institutions and must fulfill reporting obligations in the area of ​​anti-money laundering.

According to a press release, about 30 crypto-exchanges have already applied for licenses to the Securities and Exchange Commission. Interestingly, the applications of the two exchanges have already been rejected on the basis of insufficient KYC.

The license was introduced as part of the country's regulatory framework for digital assets, which led to the launch of the first ICO in October 2019.

The operator has secured a partnership with the public company AEC Securities Public Company in Thailand, which specializes in securities, brokerage services and investment banking, in order to attract both retail and institutional investors in the country.

With a license, the Zipmex Exchange expects to begin operations in Thailand earlier this year, having previously launched platforms in Australia, Singapore and Indonesia.

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.

 

Dr. Sathit Limpongpan

Zipmex CEO

Despite the fact that the authorities initially tried to ban Bitcoin in 2013, the Thai government has taken a more active and pragmatic approach to the cryptography sector over the past year.

As reported, last January, the Thai Securities and Exchange Commission issued licenses to 4 cryptocurrency firms: Bitcoin Exchange Co., Bitkub Online Co. and Satang Corporation, as well as TH digital currency brokerage and dealer company.

These events were followed by an amendment to the country's law on securities and exchanges, adopted in February 2019, which legalized the issue of token securities using blockchain technology.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   287

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.