Indonesian trade regulator approves Bitcoin, Ethereum, Cardano trading, but not…

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Crypto trading in Southeast Asia can range from mundane to religious crime. However, investors in Indonesia could soon be trading cryptocurrencies – legally.

On January 30, CNBC Indonesia reported that the country’s trade regulator – the Commodity Futures Monitoring Agency (CoFTRA) – had issued a license to trade digital/crypto currencies in the country. Moreover, more than 200 cryptos have been approved for the same.

roll call time

Some of the approved coins include Bitcoin [BTC]Etherum [ETH]Attached [USDT]XRP, Binance Coin [BNB]Peas [DOT]Chain link [LINK],USD Piece [USDC]Solana [SOL]and Gimbal [ADA].

However, there is a catch. While 229 cryptocurrencies have managed to make it to the list of approved assets, the Indonesian CoFTRA would like unapproved coins to be removed from the list for customer safety.

While Dogecoin [DOGE] got the all clear, Shiba Inu [SHIB] didn’t make the cut, according to the reported listing.

In order to decide which cryptos Indonesians would be allowed to trade, CoFTRA reportedly looked at metrics such as the market cap of the asset, its coin market cap score, and its own regulations. Other essential factors included crypto security, scalability, founding team, blockchain governance, and a verifiable track record.

According to a translation, CNBC Indonesia quoted a CoFTRA official as saying:

“With the release of the CoFTRA regulations, it is hoped that physical trading of crypto assets in Indonesia will be able to provide legal certainty as well as protection for people trading physical crypto assets in Indonesia.”

Don’t get whipped

The announcement comes days after the Indonesian Financial Services Authority (OJK) banned financial institutions from participating in crypto-asset trading.

This was a blow to many, as more than seven million people in Indonesia hold cryptocurrencies. This represents more than 2% of the country’s population.

Several religious groups have also expressed concerns about cryptography, including the National Ulema Council (MUI) which has decided that cryptography should be banned for Muslims – unless it complies with Sharia.

Now, it remains to be seen how CoFTRA and industry participants will work together.

Binance to go backpacking?

Several big players are currently vying for a share of the Indonesian crypto market. Topp Jirayut Spupsrisopa, the founder of Bitkub, Thailand’s largest crypto exchange, previously indicated that the company has no plans to fight the crypto giants already present in Indonesia.

One of them could presumably be Binance Holdings Ltd., after it was reportedly in talks to establish a crypto exchange in Indonesia.

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