Crypto Exchange Zipmex Gets Green Light from Indonesian Regulator

Crypto Exchange Zipmex Gets Green Light from Indonesian Regulator

Zipmex, a Singapore-headquartered digital asset exchange, has registered itself with Indonesia’s Commodity Futures Trading Regulator (Bappebti), to operate under the purview of the southeast Asian country’s watchdog.

This came following the Indonesian regulator’s decision last month to mandated all crypto exchanges to register themselves to offer services in the country.

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The new rules also require the exchanges to maintain some operational standards including risk control management, security and transaction systems.

Mentioning the development, Marcus Lim, co-founder and CEO of the exchange, said: “Since inception Zipmex has continually been looking at ways to legitimize its offering in the digital asset space and work with regulators wherever possible. Zipmex is now one of the first companies in Indonesia to be officially registered as a crypto trading service provider.”

Zipmex is already operating in Indonesia since last year, partnering with Indonesian interbank network ALTO. Per the announcement, the exchange handled over $35 billion in Bitcoin trades since its launch in the country.

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Registration with the regulator will now allow the exchange to offer trading against Indonesian fiat.

“Regulation is key to adoption – it brings credibility and legitimacy to the digital assets industry at a time when digital currencies and securities are emerging as an asset class for the unbanked as well as traditional investors. Zipmex has been established with all parties in mind, offering a fast, secure and safe trading environment,” Lim added.

Targeting Southeast Asia

In January, Zipmex also obtained an operational license from Thailand’s Securities and Exchange Commission (SEC) to become one of the few regulated exchanges in the country and is also operating in Australia under the purview of the Australian Transaction Reports and Analysis Centre (AUSTRAC).

The exchange is also applying for a license in Singapore under the newly introduced Payment Services Act.

Zipmex sees potential for the crypto industry in the Southeast Asian countries and is putting efforts to expand in the region. It is also aiming to enter Vietnam – a massive market also being targeted by crypto giants including Binance.

Published at Tue, 10 Mar 2020 07:40:13 +0000

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