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Indonesia’s Bappebti Gives Zipmex Crypto Exchange The Green Light

The Indonesian Commodity Futures Trading Regulator, or Bappebti, has officially registered Zipmex, a Singapore-based crypto exchange, to operate within its borders. Zipmex will now be capable of pushing its services within the Southeast Asian country’s borders, under the watchful eye of its regulator.

Introducing Crypto Regulation In Indonesia

This comes shortly after Indonesia decided to take crypto regulation seriously. Last month, Bappebti mandated that all cryptocurrency exchanges must first register themselves in order to provide its financial services within the country’s borders.

With the new rules in place, the exchanges that operate within Indonesia must also maintain certain operational standards. In particular, these standards focus on security, transaction systems, as well as risk control management within the exchanges themselves.

The Mandatory Kind Words

With this new development in mind, the co-founder and CEO of Zipmex, Marcus Lim, gave a public statement about the matter as a whole. He explained that, since Zipmex’s inception, the company has been striving to find ways to make its offerings within the digital space legitimate, as well as work with regulators as much as possible. As a result, Lim stated that Zipmex stands as one of the first companies that have officially registered with Indonesia’s regulator as a crypto trading service provider.

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Lim took this further, stating that the key to global adoption, is regulation. As Lim explained, it helps bring legitimacy and credibility to the crypto industry as a whole, with various forms of digital currencies and securities already emerging as an asset class.

This will serve as an attractive asset class to traditional investors, as well as the unbanked, according to Lim. Lim further stated that the Zipmex platform was built to account for all parties, and offers a fast, safe and secure trading environment to do business in

A Bit Of History

Something interesting to note is the fact that Zipmex was already operating within Indonesia since last year, and has partnered up with the ALTO interbank network to help facilitate it. As per the announcement’s details, it seemed that the exchange has already handled more than $35 billion in various Bitcoin trades since its launch within the country.

With the registration complete, Zipmex now holds full authorization to start offer trades against Indonesia fiat, which will inevitably boost the number of trade volumes.

Back in January of this year, Zipmex managed to obtain an operational license from the Thailand Securities and Exchange Commission (SEC). Through doing so, it’s one of the few regulated exchanges within Thailand’s borders, while also holding the approval of the Australian Transaction Reports and Analysis Centre (AUSTRAC) to do business within Australia.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.