Crypto Exchange Provider Zipmex and Indonesian Authorities

Crypto exchange provider Zipmex received permission to operate in Indonesia from the country’s Commodity Futures Trading Regulatory Agency. It is an important moment for the provider, as it already secured a go-ahead from Thai and Australian authorities. As a result, Zipmex continues to expand its services around the region.

The chief legal officer of Zipmex, Bank Yimwilai, made a comment regarding this decision. According to Yimwilai, every country has its own sets of rules and regulations. However, most of the countries have a lot of common principles that derive from Know Your Customer and Anti-Money laundering policies.

Indonesia and Crypto exchanges

Crypto-related companies that would like to offer its services have to register with Commodity Futures Trading Regulatory Agency known as Bappebti. Crypto exchanges must prove they have secure risk control management as well as security and transaction systems.

In 2019, Indonesia adopted a broader legal framework for crypto assets. As part of this legal framework, crypto exchanges are required to obtain a license from the Indonesian authorities.

Moreover, last year Zipmex formed a partnership with the Indonesian interbank network ALTO. The purpose of this partnership was to optimize its banking and payment infrastructure.

Interestingly, apart from the Indonesian Rupiah, the exchange of all supports fiat-to-crypto pairings in U.S. Australian and Singaporean dollars.

Furthermore, Zipmex registered with the Monetary Authority of Singapore. Also, it is in the process of applying for a digital payment license under the Singapore’s Payment Services Act.

Indonesia has a long way to go until this country will be considered as crypto-friendly. For example, Indonesia ranks as one of the countries with the fewest registered crypto exchanges in the world.

Moreover, Indonesia’s neighboring country Singapore has the highest number of authorized trading platforms. Indonesia should take an example from its neighbor and should create an even more crypto-friendly environment.