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Indonesian regulator approves Asia-Pacific crypto exchange

By Lawrence Gash

The legitimacy of digital assets continues to grow throughout the region

Bappebti, the Indonesian Commodity Futures Trading Regulatory Agency, has given its approval for the Asia-Pacific crypto exchange provider Zipmex to operate in the emerging country.

For the past month, all crypto exchanges operating in Indonesia have been required to register with the regulator in order to legally provide crypto trading services. While not wanting to stop the growing crypto community in the country, the government has moved increasingly to ensure that traders are safeguarded.

Indonesia still ranks as one of the countries with the fewest registered cryptocurrency exchanges in the world. Following its approval, Zipmex has claimed to be the first official exchange to operate in the nation with more than 264 million inhabitants.

The firm already operates in much more crypto-savvy markets such as Australia and Thailand. Attitudes to digital assets vary across the continent with Singapore leading the way while China still bans the trading of any cryptocurrencies due to their decentralised nature.

More recently, South Korea and India have both moved to allow the trading and possession of digital assets.

Speaking to Crypto news service Cointelegraph, the exchange’s chief legal officer Bank Akalarp Yimwilai detailed his experiences in obtaining regulatory approval across Asia. “Even though each jurisdiction has its own set of rules and regulations, they are rooted in core principles of good corporate governance, strong custody solutions and comprehensive KYC/AML [Know Your Customer and Anti-Money Laundering] policies].”

Such variety has provided some benefits to the exchange. However, Yimwilai observed that: “SEC Thailand requires institutional-grade custody solutions of digital assets, which we then use in all of the markets that we operate in.”

FURTHER READING: South Korea legalises crypto trading

FURTHER READING: Bitcoin falls to two-month low

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