Russia and Indonesia Actively Discuss Mechanisms to Ditch US Dollar

January 26, 2025 Bitcoin.com

Cryptocurrency Trading in Indonesia Reaches $40 Billion in 2024

January 25, 2025 Bitcoin.com

Indonesia could be charting new frontiers as a global adoption leader

January 15, 2025 Coin Telegraph

Indonesia emerges as a global Web3 leader with high crypto adoption, a young tech-savvy population and supportive regulations.

Opinion by: Mohammed AlKaff AlHashmi, Co-founder of Haqq Network.

The world is now embracing the evolution of Web3. Meanwhile, in Indonesia, there is nothing short of a Web3 revolution taking place. With its remarkable level of crypto adoption, a young, tech-savvy population and a supportive regulatory environment, Indonesia is set to become a global leader in Web3 innovation in the coming years. As the local market grows, however, more solutions must be found that align with the Indonesian population’s unique cultural and ethical values.

Indonesia boasts some of the most substantial growth numbers in the crypto market globally. The country ranks third in the Chainalysis Global Crypto Adoption Index, trailing only India and Nigeria. Indonesia’s crypto industry experienced $157 billion of value inflows between 2023 and 2024, making it a leader in Central and Southern Asia and Oceania. The country’s crypto market is one of the fastest-growing in the region, surging by nearly 200% year-on-year.

BRICS Expands Again – Indonesia Gains Full Membership in Historic Move

January 8, 2025 Bitcoin.com

Indonesian cryptocurrency transactions cross $30B for 2024

November 29, 2024 Coin Telegraph

India, Nigeria, Indonesia Lead Chainalysis 2024 Crypto Adoption Index

September 12, 2024 Bitcoin.com

Binance-Backed Tokocrypto Achieves Major Milestone With Indonesian License

September 10, 2024 Bitcoin.com

XRP Remittance Tech Expanded to Three Countries by $138,000,000,000 Financial Giant’s Subsidiary

September 6, 2023 The Daily Hodl

Indonesia launches its crypto exchange and clearing house

July 21, 2023 Coin Telegraph

Coin Telegraph

The platform, monitored by the CFTRA, will be the only space in the country where the legal exchange of digital assets is allowed.

The national cryptocurrency exchange, announced by the Indonesian government a week ago, has begun to function, according to a statement from the country's Commodity Futures Trading Supervisory Agency (CFTRA). The platform will be the only space in the country where the legal exchange of digital assets is allowed.

CFTRA confirmed the opening of the exchange on July 20. In addition, the CFTRA decree establishes a Futures Clearing House along with the exchange. A clearing house is essentially a mediator between a buyer and seller, ensuring the transaction goes smoothly.

Previously it was reported that the CFTRA would restrict cryptocurrency sales to local transactions while keeping them in line with international market developments. Licensed traders will have one month to join the exchange.

The project has been in the works since at least December 2021. In September 2022, Pang Hue Kai, CEO of Tokokrypto — one of 25 licensed crypto exchanges in Indonesia, with a large share owned by Binance — called the project “a catalyst for the Indonesian crypto ecosystem”.

The launch, planned for the end of 2022, was delayed to June 2023 due to the process of reviewing the potential participants of the exchange. At the time, the country’s Trade Minister Zulkifli Hasan announced that all active crypto exchanges with a national registration could join the exchange.

In 2022, the deputy minister of Indonesia’s Ministry of Trade, Jerry Sambuaga, suggested several policy changes in response to the “interesting year for the development of physical trading of crypto assets”. Among them was a requirement for two-thirds of directors and commissioners at crypto firms to be Indonesian citizens.

The country remains an attractive market for the crypto industry, as, according to CFTRA data, in 2021 roughly 4% of the country’s population, a little under 11 million people, had been investing in crypto.

Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift

Indonesia to launch crypto exchange in July: Report

July 14, 2023 Coin Telegraph

Coin Telegraph

Once launched, Indonesia’s national crypto exchange will be the only platform allowing crypto transactions, the local regulator said.

The government of Indonesia is moving forward with its plans to launch a national cryptocurrency exchange, and expects to debut the platform in the coming weeks.

Indonesia’s Commodity Futures Trading Supervisory Agency (CoFTRA), also known as Bappebti, is planning to launch the national crypto exchange in July 2023, the local news agency Tempo reported on July 14.

Bappebti head Didid Noordiatmoko reportedly said all cryptocurrency transactions will be only allowed to take plac using the upcoming national exchange.

“Yesterday we agreed on the stock exchange rules,” the official said, adding that the discussions involved regulation of Know Your Customer (KYC) processes. Didid also noted that trading on the exchange will be offered through an integrated application, which CoFTRA has already tested.

"Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository," Didid said, according to the news agency.

The official also reportedly noted that Bappebti plans to restrict cryptocurrency sales to local transactions, but keep them in line with the international market developments. These would include the question of crypto prices, provided they are approved by Bappebti, the report notes.

The Bappebti also informed Trade Minister Zulkifli Hasan about the development. If there are no other instructions, Bappebti will sign the permit, which will give licensed traders one month to join the exchange, Didid reportedly stated.

As previously reported, Indonesia’s Ministry of Trade was aiming to launch the national cryptocurrency exchange in June 2023. The previous target was December 2022, but the project was delayed.

The initiative began 2021, when the owners of a state-backed telecom firm in Indonesia announced a joint venture with Binance to launch a joint cryptocurrency exchange. In late 2022, Binance increased its shareholding in the Indonesian crypto asset trader Tokocrypto.

Indonesia

Share this video