Tokocrypto May Be First Regulated Crypto Exchange in Indonesia After Registering with BAPPEBTI

The cryptocurrency world in Indonesia is fairly well established, but regulations were only recently implemented to ensure that exchanges understand what they can and can’t do. As a deadline to register nears for early next year, Tokocrypto has already registered, aiming to secure an advantage over competition in the sector.

  • Indonesia recently established new regulations in their cryptocurrency sector to clarify the role of exchanges.
  • The CEO of Tokocrypto states that the registration offers them a “first-mover advantage.”

Tokocrypto is presently the leading exchange in Indonesia for cryptocurrency transactions. To further solidify their place in the Indonesian economy, the exchange recently registered with the Commodity Futures Trading Regulatory Agency (BAPPEBTI), according to reports from The Block. The BAPPEBETI is the regulatory body in the country that watches over crypto asset trading. In securing this registration, the company states that they are the first crypto exchange platform to be regulated, while traders are still able to buy and sell digital assets.

Presently, both QCP Capital and Digix are invested in Tokocrypto, which came from the work of a group of cryptocurrency fans that were passionate about what blockchain technology could offer the public. In a press release, the CEO, Pang Xue Kai, stated that the approval received from the BAPPEBETI will help the exchange to maintain their leadership in the cryptocurrency industry of Southeast Asa. The CEO also believes that the registration helps with trading with clients that other exchanges cannot yet.

He added that this is “a huge milestone,” and said,

“Our approval gives us first-mover advantage, opening up access for Tokocrypto to service corporate enterprises and high net-worth individuals in Indonesia.”

The press release also voiced the potential that cryptocurrency has in Indonesia, considering predictions from a 2019 report, which claims that the market could surge from $40 billion to $133 billion 2025.

Indonesia has allowed the use of cryptocurrency exchanges for quite a while, but they were somewhat covered in a gray area that wasn’t really addressed until two regulations were issued by BAPPEBETI, issuing compliance rules that all exchanges have to adhere to. The rules state that, beginning in February 2020, the only exchanges that can legally operate are ones that are registered for crypto trading.

Tokocrypto has consistently been a participant in discussions over regulations, and the team plans to continue being involved with government agencies as the policies evolve, aiming to establish itself as a fully licensed exchange.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Adoption Explosion in Africa, Led by Nigeria, Kenya, and South Africa

Bitcoin continues to gain traction in Africa, with Kenya being the most bitcoin maximalist country, with 94.7% dominance. The top 10 list also contains...

DeFi App Growth Boosts Total Transactions On DApp Blockchains By $4.5B In Q2 2020: DAppRadar Report

In a report by DApp Radar, the total transactional volume on DApps touched the $12 billion mark in Q2 2020, representing a $4.5 billion...

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today