Tokocrypto, a subsidiary of Binance, has obtained the PFAK license from Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti).
Obtaining the PFAK License
With the PFAK license, Tokocrypto is now officially authorized to operate in Indonesia's crypto market. Previously, following investments in 2020, Binance acquired Tokocrypto in 2022. The license was granted after passing a rigorous licensing process.
Management's Reaction
Binance CEO Richard Teng highlighted the importance of this license for strengthening regulatory compliance and the Web3 ecosystem in Indonesia. A Binance spokesperson stated: "The PFAK license is not only a proud achievement for Tokocrypto but also a significant step towards building investor trust and providing reliable crypto trading services."
Growth of Indonesia's Crypto Market
The PFAK license acquisition highlights the growth of Indonesia's crypto industry. Earlier this year, Tether announced educational tours in major Indonesian cities. Bappebti predicts crypto transactions in the country will reach $51.28 billion in 2024, matching 2021 levels.
The PFAK license for Tokocrypto is a significant milestone for Indonesia's crypto market development and strengthens Binance's position in Southeast Asia.
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