The Indonesian crypto market has completed its next achievement in establishing itself on the global map as Tokocrypto, the Indonesian crypto exchange and member of the Binance group, has obtained a licence as a physical crypto asset trader (PFAK) from the country’s Commodity Futures Trading Regulatory Agency (Bappebti).
The crypto market’s revenue in Indonesia has had a turbulent few years. According to stats from Statista, the crypto market hit its all-time high in 2021 at $2.1billion, up from $400million the year before. However, in 2022, the revenue in the market fell $1.2billion, and down again to £1billion in 2023. There seems to be hope though as in 2024, revenue is back to $1.8billion. Couple this with the fact the country’s crypto userbase has been steadily increasing from 9.9 million users in 2021, to 28.52 million in 2024, and there is cause for optimism.
As such, Binance and Tokocrypto are celebrating this new achievement. In 2019, the company registered as a Prospective Physical Crypto Asset Trader (CPFAK), navigating a rigorous licensing process to meet all the stringent requirements set by the regulator.
With crypto’s popularity and wealth continuing to grow in Indonesia, the issuance of the PFAK licence grants Tokocrypto full legal authority to operate as a physical crypto asset trader, in accordance with Bappebti Regulation No. 13 of 2022. This amends Bappebti Regulation No. 8 of 2021 regarding the ‘Guidelines for Conducting Physical Crypto Asset Trading in Futures Exchanges’.
Celebrating success
Richard Teng, CEO, Binance
Richard Teng, CEO of Binance, congratulated Tokocrypto and all parties involved in this significant achievement. Teng said: “This milestone is a testament to Tokocrypto’s unwavering dedication to regulatory excellence and its vision of fostering a robust and transparent crypto ecosystem in Indonesia. Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region.”
Yudhono Rawis, CEO of Tokocrypto
Yudhono Rawis, CEO of Tokocrypto echoed these sentiments, highlighting the importance of the PFAK license in realising Tokocrypto’s vision of becoming Indonesia’s leading crypto-asset trading platform. “Over the past two years, Tokocrypto has continuously strengthened its commitment to maintaining high standards of regulatory compliance. This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers.”
Regulatory compliance
The PFAK license ensures that crypto asset trading on Tokocrypto meets Bappebti’s strict licensing standards, thereby safeguarding investor interests. Rawis also emphasised: “We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti. With PFAK license and Binance continuous support, Tokocrypto aims to continuously enhance and advance its market leadership in Indonesia”.
The PFAK license represents Tokocrypto’s commitment to providing secure, transparent, and reliable crypto-asset trading services for users in Indonesia.
Tokocrypto’s user base has surpassed 4.5 million this year, while trading volume increased by 170 per cent compared to 2023. These impressive figures highlight the consistent growth and increasing trust in Tokocrypto’s services throughout 2024.
Binance remains steadfast in its support for Tokocrypto and looks forward to witnessing the continued growth and success of Indonesia’s crypto-asset industry.
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