- Binance’s Indonesia subsidiary has won a full license from the nation’s Commodity Futures Trading Regulatory Agency.
- More than 30 crypto exchanges have applied for a full license.
As a seasoned crypto investor with roots in Southeast Asia, I must admit that the recent development in Indonesia has caught my attention. Having navigated the complexities of various Asian markets, I can appreciate the significance of Binance’s subsidiary Tokocrypto securing a full license from Bappebti.
Tokocrypto, a subsidiary of Binance based in Indonesia and operating as a cryptocurrency exchange, has been granted a complete license to function as a Physical Crypto Asset Trader (PFAK) by the Indonesian Commodity Futures Trading Regulatory Agency, commonly known as Bappebti.
In late 2022, Tokocrypto was fully taken over by Binance, who had already owned a significant portion of the company’s shares earlier on.
The regulatory development came as a response to the high local demand for crypto in Indonesia.
In a statement, Tokocrypto’s CEO expressed pride in being the third platform in Indonesia to secure the PFAK license, a market that hosts 35 potential cryptocurrency exchanges registered with Bappebti, implying significant competition but also great potential for growth.
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2024-09-09 14:37