- Indonesia will open up a crypto-equity market by the end of 2022.
- Only about 4% of the population is actively involved in cryptocurrency trading.
In Indonesia, there has been a huge improvement for crypto enthusiasts. A cryptocurrency exchange is set to be launched in the country. Deputy Commerce Minister Jerry Sambuaga has reportedly said that Indonesia will open a crypto-equity market by the end of 2022.
According to reports, the minister said that there are necessary preparations, entity validation, and minimum capital requirements to launch a crypto exchange. The Southeast Asian country is discussing opening a crypto exchange. The initial launch date of 2021 has been pushed back to the first quarter of 2022. This was a result of the complications encountered during the preparation phase.
A boom in crypto activities
ZipmaxThe struggling cryptocurrency exchange is one of about 25 regulated cryptocurrency exchanges operating in the country. Indonesia Commodity Futures Trade Regulatory Agency (covert) regulates the industry. Moreover, Papipeti reported that in 2021, the total value of cryptocurrency transactions in Indonesia increased from 64.9 trillion rupiah in 2020 to 859.4 trillion rupiah. Only about 4% of the population is actively involved in cryptocurrency trading.
In addition, the country has seen a rise in the number of initiatives using non-fungible tokens (NFTs) and celebrity coins in recent years. GoTo Gojek Tokopedia (GoTo), the Indonesian tech giant, recently entered the cryptocurrency market by acquiring a local cryptocurrency exchange called Kripto Maksima Koin. Furthermore, the $8.38 million purchase is seen as an attempt by the organization to expand its revenue and customer base.
In 2021, e-commerce site Tokopedia merged with passenger service Gojek to become the new company, GoTo. Furthermore, the company claims to contribute more than 2% to Indonesia’s GDP and raised more than $1 billion in an initial public offering (IPO) in April.
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Indonesian IT Giant Acquires Local Crypto Exchange For $8.38 Million
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