Tokocrypto becomes the first cryptocurrency exchange platform to be approved by the Indonesian government. This approval could mean a significant boost in the trading of cryptocurrency assets in this nation.
Tokocrypto has acknowledged that this registration will enable traders to avert legal concerns. This will be instrumental in permitting them to sell and buy cryptocurrency assets, such as Ethereum and Bitcoin, on the platform with more certainty and confidence.
Indonesia’s thriving digital economy
According to a report by Temasek and Google, Indonesia’s digital economy is speculated to quadruple to US$ 133 billion by 2025 from the current US$40 billion.
Tokocrypto’s interest in the Indonesian market can be linked to this trend because it was founded in 2017 by Pang Xue Kai, a Singaporean entrepreneur.
Having being established in Indonesia, Tokocrypto seeks to stamp its authority in this nation’s crypto space. Since 2018 to date, it has facilitated at least US$250 million in cryptocurrency assets.
Pang noted: “Being the first cryptocurrency exchange to be registered with Indonesian regulators to operate legally in the country is a huge milestone for Tokocrypto as it brings us one step closer to being the leading cryptocurrency exchange platform in Southeast Asia.”
Pang also added: “We will also continue our efforts in engaging the cryptocurrency community across Southeast Asia as the leading cryptocurrency exchange platform in the region. With the high potential of cryptocurrency in the region in terms of investments and transactions, we are confident that we are the pre-eminent gateway for traders and consumers alike to seize opportunities as they arise.”
Following the approval, Tokocrypto ascertained that it was committed to working closely with various government agencies across Southeast Asia for collaboration and licensing opportunities.
Written by Brian Njuguna
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