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