Indonesia’s Commodity Futures Trading Regulatory Agency, Bappebti, has today approved 1,444 crypto assets, paving the way for their trading on crypto exchanges —a significant leap from previous figures. This approval is part of Indonesia’s efforts to develop a more comprehensive regulatory framework for cryptocurrencies.
1,444 Tokens Get Regulatory Trading Nod
This update by Bappebti, announced through platforms like CFX, reflects a rigorous vetting process ensuring that only compliant tokens are traded on regulated exchanges. The approval process involves crypto exchanges proposing tokens to the Crypto Asset Futures Exchange, which, alongside the Crypto Asset Committee, assesses them before Bappebti grants final approval. This structured system, in place since crypto was classified as a commodity in 2019, supports market transparency and safety.
Indonesia’s crypto market, valued at $30 billion in 2024, is fueled by a tech-savvy youth and mobile-first trading apps. The country ranks seventh globally in crypto adoption, with Bitcoin leading transactions. Looking ahead, Bappebti plans to halve crypto taxes to encourage growth, while regulatory oversight shifts to the Financial Services Authority (OJK), promising stricter investor protections.
Broader Crypto Adoption
The country has recently focused on regulatory compliance. The establishment of key institutions like PT Bursa Komoditi Nusantara (a crypto bourse), PT Kliring Berjangka Indonesia (a clearing house), and PT Tennet Depository Indonesia (a custodian) in 2023 has strengthened Indonesia’s crypto infrastructure.
Indonesia’s move to approve 1,444 crypto tokens reflects its commitment to developing a thriving digital asset industry. This approach is similar to recent moves in the United States, where regulatory bodies such as the Federal Reserve Board (Fed) and the Securities and Exchange Commission (SEC) have been working to create a more favorable environment for cryptocurrency investment.
For instance, just three days ago, the U.S. Fed announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities. Previously, the agency had issued guidance that discouraged banks from engaging in crypto-asset activities, citing concerns about risk management and consumer protection. However, with the rapid growth of the crypto industry, the Fed has decided to revisit its stance.
Similarly, the U.S. Office of the Comptroller of the Currency (OCC) has approved banks’ offering of crypto services, paving the way for the mainstream adoption of digital assets. The approval now allows national banks and federal savings associations to provide custody services for digital assets, such as Bitcoin and Ether.
