Tokocrypto, a cryptocurrency exchange platform, announces that it has become a government-approved platform for the trading of cryptocurrency assets in Indonesia. On February 15, 2019, Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) announced that Tokocrypto is the only officially-recognized cryptocurrency exchanges in the country.
The approval, the company noted, allows traders to eliminate legal concerns, enabling them to buy and sell cryptocurrency assets such as Bitcoin and Ethereum on the platform with more confidence and certainty.
Based on a report by Google and Temasek, Indonesia’s digital economy is projected to quadruple from US$40 billion in 2019 to US$133 billion by 2025.
Tokocrypto was founded in Indonesia in 2017 by a Singaporean entrepreneur, Pang Xue Kai, who is also a governing council member in the Singapore Chamber of Commerce Indonesia. Year-to-date since 2018, it has facilitated more than USD 250 million in cryptocurrency assets.
“Being the first cryptocurrency exchange to be registered with Indonesian regulators to operate legally in the country is a huge milestone for Tokocrypto as it brings us one step closer to being the leading cryptocurrency exchange platform in Southeast Asia,” Pang said
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BAPPEBTI is the regulatory body in Indonesia overseeing crypto-asset trading. They have issued two regulations regarding crypto-assets trading in Indonesia, namely No. 5 of 2019 in February 2019 and No. 9 of 2019 in July 2019, in which Indonesian has to comply with these two regulations to be able to register with BAPPEBTI for licensing.
“We will also continue our efforts in engaging the cryptocurrency community across Southeast Asia as the leading cryptocurrency exchange platform in the region. With the high potential of cryptocurrency in the region in terms of investments and transactions, we are confident that we are the pre-eminent gateway for traders and consumers alike to seize opportunities as they arise,” said Pang.
Following the registration, Tokocrypto said that it is also working closely with other government agencies in Southeast Asia to seek licensing and collaboration opportunities.
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Photo by Aleksi Räisä on Unsplash
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