Regulations exist for so many reasons. One of the key purposes of it is to facilitate a long-term success of any entity in the area of management, regulations and overall governance. The responsibilities of the board team would include the strategic aims of the corporate entities, leadership, as well as supervising the whole management of the environment that takes place.
The ‘Crypto Winter’ rose in digital assets when global lawmakers changed the tune of management through accessing the beneficial possibilities of it and how Thailand can emerge in the asset class when it became one of the first nations to formally introduce specific digital asset legislation in the mid of 2018. The Securities and Exchange Commission (SEC) has even revealed the regulatory framework for ICOs and cryptocurrencies for those who are interested to know the rules to play by in order to establish a legitimate business that will be governed by the official regulators.
A framework was established in the country with regards to virtual currencies and the overall licensing exchanges with Initial Coin Offerings (ICOs). The features of a licensed and regulated digital assets exchange in Thailand include security of the platform, custody of assets and liquidity. With a variety of jurisdiction, in South East Asia, every process is being monitored and are not similar. The digital assets that are being regulated include cryptocurrencies, digital tokens and investment token attest by the co-founder and CEO of Zipmex, Akalarp Yimwilai.
There are numerous factors that govern the overall digital changes that take place in South East Asia and the whole region. As Thailand being one of the biggest hosts for many migrant workers from other Asian countries to deliver money to their families, the concerns of protection and overall service to be regulated is a huge factor of why this is crucial. In fact, assets are also being discussed and can be monitored digitally.
Every movement and changes being done are monitored. In order to humanise the whole process, the KYC process helps to further connect private to public sectors with their target market. When the customer experience is perfect and tolerable, the brand will stay prominent and be looked at as a brand of the people. Despite all of that, bad actors will also be dismissed; stated firmly by Akalarp. Various efforts are being done to humanise the digital world with the after effect of transparency, traceability and trust of every single person in line.
Zipmex Thailand is audited every quarter of the year, which implements tools of market surveillance and Anti-Money Laundering (AML) surveillance. With this effort being implemented, regulatory compliance will allow an overall fair and square marketplace for the customers where the misconduct entities will be penalised. Moreover, the key principles of Zipmex are Customer Experience and Security which goes in line with the digitalisation system that is legalised.
As the year progresses, Zipmex aims to be the market leader in the current market and expand further with limited access in the infrastructure of digitalisation and more. Last but never the least, financial inclusion is indeed the biggest pain point for Southeast Asia as the majority of digital assets are in denial towards the cross-border remittances. Thailand has a flair in mastering the balancing act of innovation and financial stability as Zipmex does its best to support the force further.
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Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
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