• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Tokocrypto, Binance subsidiary, receives crypto trading license in Indonesia

user avatar

by Giorgi Kostiuk

2 years ago

  1. Recent advancements in crypto licensing
  2. Importance of the PFAK license for Tokocrypto
  3. Future prospects for Binance and Tokocrypto


    4. In recent weeks, there has been a significant increase in activity within the crypto regulatory sector. Among these activities, Binance's Indonesian subsidiary Tokocrypto has received an important license.

    Recent advancements in crypto licensing

    Recently, Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) granted Tokocrypto a Physical Crypto Asset Trader (PFAK) license. This comes after Tokocrypto was initially considered for licensing back in 2019.

    Importance of the PFAK license for Tokocrypto

    Binance representatives stated that Tokocrypto underwent a rigorous licensing process with Bappebti. The PFAK license enables Tokocrypto to trade, buy, and store crypto assets in wallets. Binance CEO Richard Teng commented: 'Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region.'

    Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region.Richard Teng

    Future prospects for Binance and Tokocrypto

    Tokocrypto's CEO, Yudhono Rawis, emphasized the significance of the PFAK license in their goal to become the leading digital asset exchange platform in Indonesia. He also highlighted their commitment to maintaining high regulatory compliance standards. Additionally, Binance recently released its latest 'Proof of Reserves', showing a slight decline in Bitcoin and Ethereum holdings, while USDT and BNB reserves remained positive.

    The acquisition of the PFAK license represents a significant step for Tokocrypto and a milestone for Binance's growth in the region. There is an overall positive trend in the crypto market, which may promote further industry development in Indonesia.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Solana's Quantum Readiness Strategy Under Scrutiny

chest

Solana's quantum readiness strategy is under scrutiny following Anatoly Yakovenko's comments on the need for a multi-scheme approach to enhance security against AI threats.

user avatarLeo van der Veen

South Korean Exchanges Win Temporary Relief from Regulatory Sanctions

chest

Three major South Korean crypto exchanges, Upbit, Bithumb, and Coinone, have secured temporary court relief from sanctions related to existing anti-money laundering requirements.

user avatarLi Weicheng

Anatoly Yakovenko Raises Concerns Over AI's Impact on Post-Quantum Cryptography

chest

Solana cofounder Anatoly Yakovenko warns that AI could expose vulnerabilities in post-quantum signature schemes, emphasizing the need for a robust security design.

user avatarMaya Lundqvist

DAXA Challenges New Anti-Money Laundering Regulations in South Korea

chest

DAXA opposes proposed changes to South Korea's anti-money laundering regulations, citing concerns over excessive reporting requirements.

user avatarAisha Farooq

MoneyGram's Stablecoin Service Expands to Colombia and El Salvador

chest

MoneyGram has launched its stablecoin service in Colombia and expanded to El Salvador, providing financial solutions for underserved markets in Latin America.

user avatarTenzin Dorje

Stellar Network Surpasses 1 Billion in Real-World Assets

chest

The Stellar network has crossed the 1 billion mark in real-world assets, indicating significant growth and momentum.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.