In a significant development for the cryptocurrency market, crypto in Indonesia has officially been given the green light for the trading of XRP, Cardano (ADA), and 499 other digital assets. This decision comes as the Indonesian government, through its regulatory agency Bappebti, released a comprehensive list of tradable cryptocurrencies, effectively expanding the scope of crypto trading within the country.
Indonesia’s move signifies a progressive stance toward the growing influence of digital currencies, as the list of approved cryptocurrencies covers almost all tokens recognized as securities by the U.S. Securities and Exchange Commission (SEC). Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Solana (SOL), Polkadot (DOT), The Sandbox (SAND), and Uniswap (UNI) are among the other notable names included in the expansive list.
To regulate the trading of cryptocurrencies, the Indonesian Trade Ministry’s Futures Exchange Supervisory Board (Bappebti) oversees their transactions alongside commodity contracts. This authority, responsible for the Commodity Futures Trading Regulatory Agency, has issued a document titled “Regulation of the Commodities Trading Supervisory Agency Number 4 of 2023,” listing the 501 cryptocurrencies eligible for trading in Indonesia.
SEC + XRP
The SEC’s legal actions against prominent exchanges Binance and Coinbase notably targeted several cryptocurrencies. Indonesia has included Cardano (ADA), Solana (SOL), Polygon (MATIC), and The Sandbox (SAND) in its list of tradable assets. It is worth mentioning that the inclusion of XRP in the list is particularly intriguing.
In December 2020, the SEC filed a lawsuit against Ripple. Alleging that the sale of XRP constituted an unregistered security offering. However, the Indonesian document now recognizes XRP as a tradable cryptocurrency.
Indonesia has demonstrated a supportive attitude toward digital assets. Even though it has maintained caution regarding cryptocurrencies. It potentially challenges the country’s legal tender, the rupiah. Earlier this year, reports circulated about Indonesia’s plans to establish its cryptocurrency exchange. With the intention of transferring regulatory authority over such assets from the commodities agency to the Financial Services Authority.
Final Thoughts
With the official recognition of a wide range of cryptocurrencies for trading. Indonesia will be an attractive market for crypto enthusiasts and investors. This development opens up new opportunities & avenues for individuals looking to participate in the rapidly evolving digital economy. As the country embraces this technological revolution. Time will tell how Indonesia’s progressive approach to cryptocurrencies will shape its financial landscape in the years to come.
