Manila, Philippines, and New York, USA - May 9, 2022 - Notabene, an end-to-end solution for crypto regulatory compliance, adds Zipmex, southeast Asia’s fastest-growing digital assets platform to its growing list of customers.
This comes months after Zipmex completed a Travel Rule testnet facilitated by Notabene and under the observance of the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). After the testnet completion, Zipmex integrated and is now using Notabene’s software to comply with Travel Rule in Singapore and in the future Indonesia.
Complying with Travel Rule as a multi-entity platform.
Introduced by global money-laundering watchdog the Financial Action Task Force (FATF) in 2019, the Travel Rule requires virtual asset service providers (VASPs) to disclose, collect, screen, and transmit specific customer personally identifiable information (PII) when transacting crypto assets over a certain threshold.
Thresholds and customer information requirements vary greatly depending upon the jurisdiction. The Monetary Authority of Singapore requires VASPs registered in Singapore to implement the Travel Rule for all transactions above 0 and requests further PII sharing for transfers valued above SGD 1,500. In South Korea–an essential market for crypto transactions–the threshold range from KRW 1 million (~USD 880) to KRW 3 million (~USD 2640.) Meanwhile, in Hong Kong, the HKMA has plans to require full Travel Rule customer details for cryptocurrency transfers above $8,000.
Going forward, VASPs will need a sophisticated solution that automatically detects counterparty VASPs, identifies the correct entity that a transaction is going to, and applies the appropriate thresholds before a transaction is completed. To add to that, VASPs may use different messaging protocols to send and receive Travel Rule data transfers.Notabene provides Zipmex with software to stay compliant with the Travel Rule in the various jurisdictions where Zipmex is licensed and regulated.
Pavandeep Gill, Chief Legal Officer at Zipmex comments:
"Zipmex is proud to adopt Notabene - one of the world’s leading travel rule solution providers. We very much look forward to working alongside Notabene and regulators on expanding and improving solutions relating to self-hosted wallets.”
Pelle Brændgaard, CEO of Notabene, adds:
“Zipmex is an excellent example of a market-leading platform turning regulatory compliance into a competitive advantage. Zipmex delivers innovative retail and institutional products as a regulated digital assets platform operating in Thailand and Indonesia. Notabene is committed to supporting Zipmex as they focus on providing investors with the tools and convenience to trade virtual assets safely and securely.”
Zipmex is Southeast Asia's fastest growing digital assets platform with a focus on building the foundation of Asia’s financial architecture to empower everyone to experience the digital assets world. The company's Thai subsidiary has a Digital Assets Exchange license and Brokerage license issued by the Ministry of Finance of Thailand, and is regulated by the Securities and Exchange Commission. The company has offices across Southeast Asia: Singapore, Australia and Indonesia.
Notabene is a reg-tech Software-as-a-Service solution that turns regulatory compliance into a competitive advantage. Notabene is working to make crypto transactions a part of the everyday economy by providing software, tools, and comprehensive data to manage regulatory and counterparty risks in crypto transactions. Companies leverage our end-to-end FATF Travel Rule solution to identify virtual asset accounts, perform mandated VASP due diligence, and manage global transactions from one dashboard. Trusted by leading exchanges, Luno, Bitso, Crypto.com, and more. Notabene is headquartered in New York with offices in Zug and Santiago de Chile. To learn more, visit www.notabene.id. Download a copy of Notabene’s State of Crypto Travel Rule Compliance Report.
Alice Nawfal, COO, Notabene