Zipmex

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Zipmex

Zipmex is a cryptocurrency and digital assets platform operating in Singapore, Thailand, Indonesia and Australia.

History

Zipmex was founded in 2017 by Singaporean-Australian entrepreneur Marcus Lim and the Thai banker Dr. Akalarp (aka "Bank") Yimwilai. In 2019, Zipmex raised a Pre-Series A funding round in the amount of US$ 3 million from Infinity Blockchain Holdings, Singapore and a A-funding of US$ 6 million from US venture capital firm Jump Capital. In 2021, a further US$ 41 million was raised in a Series B funding round , which included Facebook co-founder Eduardo Saverin in his capacity as Co-founder and Managing Partner of B Capital Group. In 2021, Pavandeep (Pav) Gill joined as Chief Legal Officer. In the same year, Gill went on public record as the employee who exposed the Wirecard scandal by providing documents to the Financial Times.  

Licensing and Regulation

Regulating the cryptocurrency industry is challenging, with crypto regulation differing from country to country with no consistency, in spite of IMF recommendations to the contrary. While countries like Singapore , Thailand and India are all racing to position themselves as regional blockchain and crypto hubs, Bangladesh, China, Oman, Egypt, Iraq, Qatar and Morocco have banned it.

Zipmex has a physical presence in Thailand, Singapore, Australia and Indonesia. In Thailand, it is licensed by the Thai Securities and Exchange Commission (SEC) and the Ministry of Finance and cooperates with the Anti-Money Laundering Office (AMLO), the Bank of Thailand and the Thai government's Department of Provincial Administration.

Singapore is positioning itself as a major regional hub for crypto, in spite of the world's largest crypto exchange Binance deciding to withdraw their application for an operating license in the city-state due to not meeting strict AML (anti money-laundering) and criteria aimed at preventing the financing of terrorism. In Singapore, Zipmex operates pursuant to an exempt regime under the Payment Service Act with the Monetary Authority of Singapore (MAS).

With the collapse of exchanges MyCryptoWallet and ACX in Australia an overhaul of the cryptocurrency regulatory framework is in the offing in Australia, which would lead to a tighter regulatory framework taking factors like data privacy, AML, Decentralized Autonomous Organisation (DAO) company structures and tax discounts for sourcing renewable energy for crypto mining into account. Currently, Zipmex is registered with the Australian Government Financial Intelligence Service (AUSTRAC).

In Indonesia, regulators are getting to grips with the booming crypto industry. Currently, Zipmex is registered with the Indonesian Ministry of Trade’s Commodity Futures Trading Regulatory Agency BAPPEBTI.  

Crypto growth in Asia and Southeast Asia

Crypto in Central and Southern Asia and Oceania is booming, with roughly 700% regional growth reported in 2021. This includes Singapore and Thailand. Cryptocurrencies on offer on Zipmex, Bitkub and Satang offer Bitcoin, Bitcoin Cash, Ethereum, Litecoin as well as the digital stablecoins USD Coin, a digital stablecoin that lets users us their fiat currency in exchange for a cryptocurrency that has the same value but can be traded more quickly on crypto exchanges. Zipmex has a staking platform where users can stake the native ZMT token and earn tokens of new projects.

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