Thai SEC’s Coveted Licensing

Thailand’s Securities and Exchange Commission has endorsed a coveted exchange license to popular Asian trading platform Zipmex.

Based on news published on the 20th of January, Thailand’s Ministry of Finance together with the SEC has endorsed Zipmex for the license, which instills stringent regulatory prerequisites on applicants.

To get licensed, aspirants must prove beyond a doubt that they possess a stable and huge financial standing, and conduct affairs with outstanding principles in their cybersecurity operations.

According to Thai rules, trading service providers that have obtained licensing gets categorized as financial institutions and are mandated to obey set Anti-money Laundering requirements.

The Doors Are Open for All Kinds of Investors
Based on the news publication, about 30 cryptocurrency exchanges have applied for licensing with the SEC, however, 2 have already been turned down based on inadequate KYC policies and security.

The license was inaugurated as part of the nation’s regulatory scheme for cryptocurrencies, which brought about the launch of the first legitimate ICO in October last year.

Zipmex has named members of its advisory board and is said to consist of several prominent national personnel.

The trading service provider just recently secured an agreement with AEC Securities in Thailand, a firm that specializes in securities, brokerage, and investment banking, to aid it in drawing in retail and institutional investors in the nation.

With the newly obtained licensing, Zipmex plans on commencing operations in Thailand soon. The firm had previously released a country-centric program in Australia, Singapore, and Indonesia.

The trading service provider also successfully rounded off a $3 million fundraising in 2018.

A Change of Heart
Even though Thailand attempted to place an embargo on Bitcoin in 2013, they are proving to have undergone a re-orientation towards cryptocurrencies and are now more welcoming to the cryptocurrency industry, and are slowly regaining the trust of the crypto community.

Thailand’s SEC has also given licenses to 4 other crypto-related companies in January 2019.

This approval opened the door for the amendment of the nation’s Securities and Exchange Act a month later.