Cryptocurrency Exchanges Registered In Indonesia

BAPPEBTI permitted and registered 17 organizations for cryptocurrencies exchange in Indonesia until Mar 2022 with their quickly growing user bases.

Indodax which is a market leader has reported its membership reached 5 million in 2022, which is a 104% increase in comparison to 2021. Tokocrypto is another leading exchange that has also reported 2 million memberships until 2021 which is an eight-time increase in comparison to 2020.

The easily accessible applications and the mobile-first strategy is the main factor of huge contribution to these platforms’ success. With a 73.7% expansion of the internet in Indonesia in 2021, it is no surprise that a more mobile heavy users base is attracted in the country.

The cryptocurrency community of Indonesia has grown above just exchanges. The local consortium, the Blockchain Association of Indonesia, cryptocurrencies, and blockchain advocacy group have 28 member organizations and firms until 2022. The association not only consists of exchanges but also includes technology firms and startups who use blockchain in their platforms of media and ecosystem which specializes in cryptocurrency.

Blockchain Association of Indonesia founding member and Indonesia Cryptocurrency Network co-founder Steven Suhadi told the news media that in the last 10 years the Regulating agencies in Indonesia have become susceptible to changes in technology from blockchain-powered ride-hailing to e-commerce and in recent past peer-to-peer (P2P) lending. Cryptocurrency trading and exchanges rules are already clearly defined by Indonesia. In the last 24 months, regulating agencies have taken lots of active measures for digital assets which will support the rapid growth of crypto and Bitcoin in Indonesia.

An increase in supply means an increase in demand, with more investors joining the country, the stage is already set for rising in cryptocurrency recognition.

Cryptocurrency welcomed by local technology giants

Cryptocurrency exchange Binance has announced a joint venture with MDI Ventures led consortium in Dec 2021, for the development of new exchange digital assets in Indonesia.

Telkom Indonesia is the biggest telecommunication firm in Indonesia with its $830 million venture capital of MDI, which boasts many firms which have become well-known names in Indonesia such as KoinWorks and Kerdivo.

Changpeng Zhao founder and CEO of Binance showed his confidence and ambition about cryptocurrency in Indonesia by saying that, Indonesia might become one of the leaders in the cryptocurrency ecosystem and blockchain in Southeast Asia.

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