Recent reports from Thailand reveal that the country’s regulator, the SEC, had granted a crypto trading license to yet another exchange — Zipmex.
Thai SEC just licensed another crypto trading platform
The crypto situation in Thailand continues to develop, as the country recently received yet another licensed crypto exchange, which brings the total number of exchanges to six. According to the Thai SEC’s announcement, the newest trading platform to receive a trading license for Bitcoin is known as Zipmex.
Zipmex’s arrival to the Thai crypto scene brought even more competition to the country’s developing crypto sector. The SEC’s new move comes after the regulator recently announced that it plans to update the list of companies that were granted a license for digital asset trading.
The regulator’s website shows that it had followed through with the announcement, and Zipmex is now officially on the list of licensed crypto trading services. It is the sixth exchange to receive such a license, after BX, Satang Pro, Bitkub, Bitherb, and Huobi.
The company’s website has yet to reveal when the service might start operations, although there is an announcement that says “Get ready to meet Zipmex soon,” so it can be assumed that the exchange might launch in the near future.
Competition heats up in Thailand
As mentioned, Bx was Thailand’s oldest Bitcoin trading platform, although it is no longer operational. It announced its shutdown on September 30, 2019, giving its customers a month to withdraw their funds before the exchange closes shop on November 1st.
The company allegedly decided to “focus on other business opportunities,” which is why it announced that it will not request a license to continue operating in 2020. However, its shutdown left a major hole in Thailand’s crypto market, which led to a lot of competition in the country’s crypto sector.
Other exchanges saw an opportunity to take the lead, and so they started working on changing their strategies and hoping to outperform the competition. In other words, Zipmex is entering a highly competitive market which might end up being rather ruthless to an emerging exchange.
With cryptocurrency already having a legal status in Thailand, the country has attracted a lot of attention from crypto investors and crypto-business owners from around the world. The new development signals that the country is ready for a crypto revolution of its own, and it is likely that a number of new businesses might start emerging in Thailand in the near future.
The SEC itself promised in late 2019 that it plans to amend the current royal decree on crypto-related activities. In other words, the regulator wants to become more flexible, and stimulate the growth of the crypto sector by protecting investors from unnecessary risks, and even allowing a possible increase in digital assets.
Do you think that Zipmex receiving a license signals a major change for the country’s crypto scene? Add your thoughts below.
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