Bitrabo Editorial
Indonesia’s government has taken a step towards further crypto adoption by including the Ripple native token, XRP, in its list of tradable assets. This means that XRP and other listed tokens now have the approval to be traded in the country.
Updates on Regulatory Documents for Tradable Crypto Tokens in Indonesia
The Indonesian government has amended its Trade Controlling Agency Regulations Commodity Futures Number 11 of 2022 with a new regulatory document. This amendment shows the country’s commitment towards crypto adoption and grants legal tradability to the listed crypto tokens. The updated regulation is called “Supervisory Body Regulatory Commodity Futures Trading Number 4 of 2023” and it outlines the assets that can be traded in Indonesia’s crypto assets market.
According to Wu Blockchain’s official Twitter page, the list of tradable tokens covers almost all assets that the United States Securities and Exchange Commission has classified as securities. This includes tokens like XRP, ADA, ETH, BTC, SOL, DOT, UNI, SAND, and more.
The new regulatory measures in Indonesia have received mixed reactions in the crypto space. An Indonesian YouTuber sees the country’s inclusion of XRP as a positive sign and believes that XRP could potentially become a payment option in the future. However, another Twitter user from Indonesia expresses skepticism about the government’s involvement in the crypto industry, suggesting that they should focus on regulatory oversight and taxation instead.
A crypto enthusiast on Twitter also voices dissatisfaction with the US classifying XRP as a security, highlighting the differences in regulatory measures across the world.
Indonesia and Its Crypto Industry
Indonesia, with its population of over 270 million people, is experiencing significant growth in its crypto industry. In 2021, the country had about 11.2 million registered crypto investors, according to Statista. Indonesia was also ranked 20th out of 146 nations in the Cryptocurrency Adoption Index in 2022.
With the updated crypto regulations, Indonesia’s largest crypto exchange, Indodax, listed Floki Inu (FLOKI) in April of this year. This move could bring more positive exposure to digital assets in the country and attract future investments.
By including tokens like XRP under the SEC’s radar, Indonesia may become an attractive destination for firms in the future.
Featured image from Pixabay and chart from Tradingview.com