Asia-Pacific digital asset exchange provider Zipmex has received the green light from Indonesia’s financial watchdog to become one of only a handful of cryptocurrency-related companies to become registered by Indonesia’s Commodity Futures Trading Regulatory (Bappebti).
As of February 2020, all digital-asset related companies operating in Indonesia require a registration from commodity futures trading regulator BAPPEBTI to legally offer cryptocurrency trading services.
“Since inception Zipmex has continually been looking at ways to legitimise 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,” said Zipmex Co-Founder and CEO Marcus Lim.
New regulations opening up the crypto space
Under the new rules, companies must comply with set operational standards including risk control management, security and transaction systems, before gaining approval from BAPPEBTI.
Zipmex is also one of four limited number of digital asset exchanges to be granted a license to operate in Thailand, and is registered with Australia’s top financial intelligence agency AUSTRAC.
Indonesia’s new crypto laws form part of BAPPEBTI’s larger plan to provide a legal framework for trading digital assets for potential commodity trading in the stock market.
“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,” said Mr Lim.
What is the background to this development?
Zimpex launched in Indonesia late last year and partnered with Indonesian interbank network ALTO to accelerate its banking and payment infrastructure. It has received over US$35M in Bitcoin transactions.
“Digital assets have the potential to significantly support financial inclusion in Indonesia, as well as economic growth, Zipmex is aiming to support this and has already been offering seamless Rupiah onboarding and competitive BTC prices,” said Mr Lim.
Indonesia’s new cryptocurrency regulations are the latest in a series of laws passed by several other Asian governments seeking to reform the sector as traditional finance markets begin to embrace digital assets.
“Our core advisory team includes some of Asia’s most prominent finance and government leaders, who have been instrumental in assisting Zipmex navigate regional regulatory requirements,” said Mr Lim.
Zipmex is currently applying for a license under the Payment Services Act to operate in Singapore.
Zipmex is a regulated digital currency exchange provider, seeking to become a market leader in the Asia Pacific region by offering fast trades, high liquidity, insurance on the custody of digital assets and a broad choice of digital assets and investments.