Sat, March 02, 2024

The Development of Crypto Industry in Asia

Cryptocurrencies: Ripple (XRP), Bitcoin, and Ethereum

Cryptocurrencies such as Bitcoin, Ethereum, and others offer a number of advantages in comparison with fiat currencies. Asian countries have the possibility to play a more active role when it comes to crypto adoption.

Good news related to the crypto industry came from Indonesia. Country’s Commodity Futures Trading Regulatory Agency approved the application of Crypto exchange provider Zipmex.

Zipmex already secured a go-ahead from Thai and Australian authorities. Thus, the crypto exchange provider continues to expand its services around the region.

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

Crypto industry and new opportunitiesCrypto news on Tuesday

Crypto exchanges must register with Commodity Futures Trading Regulatory Agency, also known as Bappebti. Moreover, exchanges must prove they have secure risk control management as well as security and transaction systems.

Last year, the country adopted a broader legal framework for crypto assets. It means that exchanges are required to obtain a license from the Indonesian authorities.

In 2019, Zipmex formed a partnership with the Indonesian interbank network ALTO. The purpose of this agreement was to optimize its banking and payment infrastructure.

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

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.

Despite this decision, Indonesia ranks as one of the countries with the fewest registered crypto exchanges in the world.

For example, Singapore has the highest number of authorized trading platforms. Indonesia should take an example from its neighbor when it comes to regulations and the crypto industry in general.

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