In a landmark development for Indonesia’s burgeoning cryptocurrency landscape, Tokocrypto has achieved a significant regulatory milestone. On September 9, Tokocrypto proudly announced that it has been granted the coveted Physical Crypto Asset Trader (PFAK) license by the Commodity Futures Trading Regulatory Agency, known as Bappebti. This license empowers Tokocrypto to operate as a fully licensed physical crypto asset trader, ensuring adherence to Indonesia’s stringent trading regulations.
For years, cryptocurrency exchanges in Indonesia have functioned under the provisional “prospective crypto exchange” category. Tokocrypto, which had been registered as a Prospective Physical Crypto Asset Trader (CPFAK) since 2019, has now transitioned into a fully authorized entity. This advancement aligns with Bappebti’s 2019 mandate requiring all operating exchanges to secure official authorization, a move designed to create a robust regulatory framework for digital asset trading.
Tokocrypto CEO Yudhono Rawis celebrated this achievement, noting that Tokocrypto is only the third exchange to receive the PFAK license in Indonesia. “Securing this license is a critical step in our strategy to solidify our position as the leading trading platform in Indonesia,” Rawis stated. “It allows us to enhance our operations and provide unparalleled services to our users.”
Rawis highlighted Tokocrypto’s leading position in the Indonesian market, citing the exchange’s top ranking by trading volume in 2023. According to CoinGecko, Tokocrypto commands a dominant 43% market share among the country’s top three centralized exchanges, surpassing competitors Indodax, which holds a 42% market share, and Upbit Indonesia with a 15% share.
Tokocrypto’s journey has been closely intertwined with global crypto giant Binance. In 2020, Binance made a strategic investment in Tokocrypto, marking its entry into the Indonesian market. This partnership was further strengthened in 2022 when Binance increased its stake in Tokocrypto. Recent revelations have confirmed that Tokocrypto is now a subsidiary of Binance, indicating a significant degree of control and influence exerted by the global exchange leader over Tokocrypto’s operations.
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As Tokocrypto embarks on this new chapter under the PFAK license, the firm is set to leverage its enhanced regulatory standing to further cement its dominance in Indonesia’s crypto sector. The full licensing not only underscores Tokocrypto’s commitment to regulatory compliance but also positions it for continued growth and leadership in the Indonesian market.
With its newfound authority, Tokocrypto is poised to drive the next wave of innovation and excellence in Indonesia’s crypto trading space, reinforcing its status as a key player in the global cryptocurrency arena.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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