Zipmex Crypto Exchange Gets License By Thai Regulators

Another crypto exchange- Zimpex, was granted a trading license by the Thai regulator according to recent reports that we have in our crypto news today.

The crypto situation in Thailand is still developing and the country even received another licensed crypto exchange which brings the total number of platforms to six. According to the Thai SEC announcement, the latest trading platform that gained a trading license for Bitcoin is known as Zipmex. The exchange’s arrival to the Thai crypto scene brought even more competition in the country’s developing sector. The SEC’s move comes right after the regulator recently announced its plans to update the list of platforms that were granted a license for digital asset trading.

The website of the regulator shows that it had followed through with the latest announcement and Zipmex and is now officially on the list of licensed crypto trading services and it is now the sixth exchange to receive this license after Bitkub, Huobi, Bitherb and Satang Pro and BX got one as well. The website of the company has yet to reveal when the services will start but there is another announcement that says ‘’Get Ready to meet Zipmex soon’’ so we can assume that the exchange will launch in the near future.

The company decided to focus on other business opportunities as well which is why they announced that it will not request a license to continue operating in 2020. Other exchanges announced shutdowns in the country leaving a huge hole in Thailand’s crypto market which led to a competition in the country’s crypto sector. Some of the other exchanges saw the opportunity to take the lead and they started working on changing their strategies with the goal of outperforming the competition. Zimpex is entering a hugely competitive market which could end up being rather ruthless to an emerging exchange.

Cryptocurrencies already had legal status in Thailand and it even attracted a lot of attention from crypto investors and businesses from around the world. This development shows that the country is ready for a crypto revolution and is likely that a lot of new businesses will start emerging in Thailand in the close future. The SEC itself promised in 2019 more plans to amend the current royal decree on crypto-related activities and in other words the regulator wants to be more flexible and to stimulate the growth of the crypto sector by simply protecting the investors from risks.