Cryptocurrency Indonesia – Is there anyone who has not heard of cryptocurrency? To simplify, digital currency is a form of currency that uses digital files as money (a medium of exchange). Why is it called crypto in the first place? This is because digital files are created using the same methods as encryption, which is the science of hiding information.

Since cryptocurrencies are becoming more and more popular around the world, many countries are paying attention to this digital currency. There is a dire need to regulate this currency as it looks like a ‘get rich’ scam.

Table of Contents

1. Cryptocurrency Indonesia
2. Best Crypto Exchanges In Indonesia 2024
3. Crypto Ownership Indonesia 2022
4. Indonesia Authorities Need To Dig Deeper Into Blockchain
5. Indonesia Launches New Crypto Bourse, Clearing House
6. Indonesia Debuts Own Crypto Exchange; Societe Generale Gets France’s First Crypto Licence
7. Indonesia To Launch National Cryptocurrency Exchange In July
8. Latest Developments In The Indonesian Crypto Market: Indonesian Crypto Ecosystem Comes Full Circle
9. Binance Considers Cryptocurrency Trading Platform In Indonesia

Cryptocurrency Indonesia

In 2011, after Googling the name, Peter Suddington, a man who had heard of Bitcoin, bought Bitcoin for less than $3. Suddenly the coin became $7500. This means that the return on this investment is about 250,000%. This is a simple story about how people can become very rich with just a “code” in the form of a “coin”. This story is in our reality. Many people want to get rich instantly, like Peter who seems lucky. The result, of course, is fraud and fraud because they are hacked. Fortunately, many countries are aware of this situation, including Indonesia, which accepts cryptocurrencies as investment assets.

Best Crypto Exchanges In Indonesia 2024

As you can see, there are also several cryptocurrency exchanges in Indonesia, including Indodax and the Binance platform supported by Tokocrypto. The increase in cryptocurrency asset sale transactions has prompted the Indonesian government to provide regulations to protect the public and provide legal certainty regarding regulated cryptocurrency assets:

In short, not only Indonesian investors but also foreign investors get 100% investment in this business sector. 100% investment is allowed in this business area. The requirements for obtaining a digital currency license are as follows:

Because digital currency is an invisible commodity, many considerations must be taken into account before issuing a digital currency license to a particular company. This is a preventive measure to avoid the negative impact of cryptocurrency on the Indonesian economy and society. PNP can help you set up your company with minimal hassle and ensure compliance with the law. If you need legal advice or consultation regarding cryptocurrency licensing, please feel free to contact us at info@. In July 2023, the Indonesian cryptocurrency market finally peaked under the Indonesian Cryptocurrency Regulatory Authority [1] (Commodity Futures Trading Regulator). or

(“Bappebti”)) approved the operation of PT Bursa Komoditi Nusantara crypto asset exchange. At the same time, PT Kliring Berjangka Indonesia and PT Tennet Depository Indonesia have been approved as a cryptocurrency asset clearinghouse and a cryptocurrency asset custodian, respectively.

Crypto Ownership Indonesia 2022

Since Indonesia’s cryptocurrency market was regulated in 2019, the cryptocurrency community has been eagerly awaiting the establishment of the three major institutions listed above. Now that all the major institutions of the Indonesian cryptocurrency market (eg cryptocurrency exchanges, clearing houses, custodians and brokers) are in place, we expect the market and users to see better transparency and security.

To provide a deeper understanding of the above institutions, below is a visualization of each institution’s role in Indonesia’s cryptocurrency ecosystem.

(Source: Bappebti, “Perdagangan Aset Kripto 2021 Brochure”, September 1, 2021. An English translation of the chart is provided for convenience.)

Almost simultaneously with the above approval, the director of Buffetbet issued circular no. 203/BAPPEBTI/SE/07/2023 (“Bappebti Circular”) to the main institutions of the internal digital currency market. Some key aspects of the Buffett circuit are:

Indonesia Authorities Need To Dig Deeper Into Blockchain

Parties wishing to become part of Indonesia’s mature crypto-asset ecosystem must adhere to the requirements and deadlines set out in the BAPEBT Circular.

In particular, prospective cryptocurrency asset brokers who wish to operate after August 17, 2023 should apply to the BAP and take active steps to obtain the necessary permits. All requests must be approved and completed within the budget year.

Cryptocurrency asset exchanges must be careful to stay within the scope of BAPEBT-approved activities, including limiting their operations to crypto-assets only.

Finally, stakeholders in the country’s cryptocurrency ecosystem should also closely monitor the upcoming transition from Buffett to OJK. The details of this transition, including the relevant requirements, will become clear to stakeholders after the publication of the implementing regulations of the PPSK Act.

Indonesia Launches New Crypto Bourse, Clearing House

[1] Law No. 2023 on the development and strengthening of the financial sector. 4 (the “PPSK Law”), BAPEBT’s authority to regulate cryptocurrency markets is transferred to the Financial Services Authority (OJK) for a period of two years. he. . PPSK Act.

[2] See https://bappebti.go.id/calon_pedagang_aset_kripto. Brokers are currently referred to as “applicants” who are awaiting approval from Buffett. According to the regulations, broker applicants can apply for such approval only if the main institutions (eg cryptocurrency futures exchange and cryptocurrency futures clearing house) have been properly established and have only recently received approval from the BAP.

[3] General Buffett no. One month from the date of Bapebti’s approval for PT Bursa Komoditi Nusantara as a cryptoasset exchange, the approval of which was issued pursuant to 01/BAPPEBTI/SP-BBAK/07/. 2023, as of July 17, 2023.

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Indonesia Debuts Own Crypto Exchange; Societe Generale Gets France’s First Crypto Licence

The survey collected feedback from 21,052 users and more than 2 million users from Indodax, Indonesia’s largest cryptocurrency exchange. The report is presented in three parts:

Welcome to Part 1, The Growth and Popularity of Crypto Assets in Indonesia. The next two parts will be published in the coming weeks.

As mentioned above, all survey respondents are users of the Indonesian cryptocurrency exchange Indodax, so this sample is a good representation of a typical Indonesian investor/trader.

Considering the gender distribution of the respondents, 91% of the respondents were men. This gender imbalance is similar to other cryptocurrency trading platforms around the world. For example, Business Insider notes that 85% of eToro cryptocurrency traders in Israel are men. If we look at stock trading platforms like Robinhood and eCommerce, we see a similar trend with male investors making up the majority of users (about 60-75% of investors), though not as much as cryptocurrency platforms.

Indonesia To Launch National Cryptocurrency Exchange In July

Possible reasons for the low participation of women in the market include lack of investment and aversion to risk, but the big question remains: how to break down the investment barriers for women.

Additionally, the reported ages show that younger individuals are the most likely to participate in cryptocurrency. As you can see in the chart below, Indodax users are concentrated in their 20s and 30s. After 30 years, the number of users decreases sharply with age. Most males (940) were 23 years old, and most females (96) were 30 years old.

In terms of education, 48% of survey respondents said their highest level of education was high school, followed by college graduates at 44%. This college graduation rate is higher than the 17% of young people in Indonesia who earned a college degree in 2017. These numbers also include hundreds of respondents under the age of 22 who said their current occupation was “college student.” Probably a more educated group than these numbers indicate.

By gathering demographic data, we begin to paint a picture of the “typical” Indonesian cryptocurrency investor.

Latest Developments In The Indonesian Crypto Market: Indonesian Crypto Ecosystem Comes Full Circle

Most of the respondents have heard about cryptocurrencies in recent years. There appears to be a distinct trend of first hearing about cryptocurrencies in January, but this is likely because respondents remember the year they first heard about cryptocurrencies and not the month, so January was included in the survey by default. Even if we ignore the increase in January, we can observe the perception of the cryptocurrency. The number of people hearing about cryptocurrency is increasing every year, with a specific peak occurring in early 2018 and late 2020.

If we plot the data on the number of people who have discovered the cryptocurrency next to the price of BTC, we will observe a close relationship between the two. Most likely, there is positive feedback here. The more people become familiar with cryptocurrencies, the higher the price of BTC increases. The higher the price of BTC, the more it appears in the media and word of mouth spreads.

“As the number of users increases, so does the value of the coin. There is potential for positive feedback. As the number of customers increases, so does the value, which can attract more customers to take advantage of the increased value. ” – Satoshi Nakamoto

There is usually a delay when you first hear about a cryptocurrency asset.

Binance Considers Cryptocurrency Trading Platform In Indonesia

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