Indonesia Likely To Have Crypto Stock Market By End Of 2022

There is a big positive development for crypto enthusiasts in Indonesia. The country is expected to have a crypto stock exchange by the end of this year. As per a media report, Indonesia’s deputy trade minister Jerry Sambuaga has said that the nation will launch a crypto stock market by 2022 end.

The minister has reportedly said that introducing a crypto stock exchange involves preparations, validations of entities and minimum capital requirements. The Southeast Asian nation has been contemplating having a cryptocurrency exchange for a while now. Earlier, the launch was expected in 2021, however, due to some complexities in the process, it was postponed to the first quarter of 2022.

The minister has reportedly said that introducing a crypto stock exchange involves preparations, validations of entities and minimum capital requirements. The country has nearly 25 licensed crypto trading firms including the troubled crypto exchange Zipmex under Bappebti.

Bappebti is Indonesia’s Commodity Futures Trading Regulatory Agency.

Indonesian Crypto trx grew by 1000%

As per the Bappebti data, crypto transactions in Indonesia have experienced a growth of almost 1000% from 64.9 trillion rupiahs in 2020 to 859.4 trillion rupiahs in 2021. Nearly 4% of the country’s population has been trading in cryptocurrency.
Besides, in the last few years, the country has witnessed an accelerating tide of celebrity coins as well as nonfungible token (NFT) projects

Recent acquisition by GoTo Gojek Tokopedia (GoTo)

Recently, Indonesia’s tech giant GoTo Gojek Tokopedia (GoTo) stepped into the cryptocurrency market with the acquisition of local crypto exchange Kripto Maksima Koin. It is believed that the company has made this acquisition worth $8.38 million to diversify its business.

GoTo was created out of a merger between the e-commerce platform Tokopedia and ride-hailing app Gojek in 2021. In April, the company raised over $1 billion in an initial public offering (IPO) and claims to contribute more than 2% to Indonesia’s GDP.

PT Kripto Maksima Koin is among the 25 crypto platforms licensed by Bappebti. It obtained the license somewhat recently, on January 28, 2022.

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