- Tokocrypto Aims to Dominate Indonesian Digital Marketplace
- Indonesia’s Bold Moves in the Crypto Industry
- Binance Increases Crypto Strategy
The Binance-backed trading platform Tokocrypto has bagged a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). This achievement comes some days after Binance’s local branch in Kazakhstan received preliminary approval.
Tokocrypto Aims to Dominate Indonesian Digital Marketplace
Tokocrypto, purchased by Binance in 2022, has become the third exchange to be granted a license in Indonesia. Yudhono Rawis, the CEO of Tokocrypto, proudly highlighted the significant expansion of the exchange’s user base this year, surpassing 4.5 million users. The average trading volume also saw a remarkable increase of 138%. Rawis mentioned that these statistics reflect the platform’s growing popularity and the trust Tokocrypto has amassed in the region. He said the approved license is part of the firm’s strategy to establish a strong presence in the crypto-asset ecosystem in Indonesia and deliver top-notch services.
Indonesia’s Bold Moves in the Crypto Industry
The Southeast Asian country has gained recognition as a key player in the crypto industry. In 2023, Bappebti launched the national cryptocurrency exchange, doubling as a clearinghouse for digital assets. Additionally, the country issued 501 tradable crypto assets. This significant initiative prompted Tuhu Nugraha, a blockchain and metaverse executive, to embark on trials of blockchain technology for various public service applications.
Binance Increases Crypto Strategy
Binance has been strategically establishing its presence in various countries and has been making efforts to solidify its position in the crypto industry. Recently, the exchange announced an upcoming listing, which has sparked excitement among investors. In late August, new margin trading pairs for 11 tokens were launched. Binance has shown commitment to security by preventing over $2.4 billion in potential losses from January to July 2024.
The licensing of Tokocrypto in Indonesia underscores the significance of the region in the global crypto industry and demonstrates the commitment of both local and international players to developing and strengthening their positions in the market.
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