In order to expand the crypto market, Indonesia's Deputy Prime Minister of Trade Jerry Sambuaga said that the country will launch a crypto stock exchange by the end of 2022.
According to him, the steps to introduce a crypto stock exchange involve preparation, entity verification and minimum capital requirements, and Southeast Asian countries are even considering holding a cryptocurrency exchange for a while.
In addition, the country of Indonesia has almost 25 licensed crypto trading firms including Zipmex crypto exchange under Bappebti which is the Indonesian Commodity Futures Trading Regulatory Agency.
Through Bappebti data, crypto transactions in Indonesia experienced an increase of almost 1,000% from 64.9 trillion rupiah in 2020 to 859.4 trillion rupiah in 2021.
This is because, as much as 4% of the country's population has been trading in cryptocurrencies as well as non-fungible token (NFT) projects that have been increasingly active in recent years.
Furthermore, Indonesian technology giant GoTo Gojek Tokopedia (GoTo) which started entering the cryptocurrency market through the acquisition of local crypto exchange Kripto Maksima Koin is believed to have made an acquisition worth $8.38 million to diversify its business.
In fact, the creation of GoTo as a result of the merger between e-commerce platform Tokopedia and ride-hailing application Gojek in 2021 managed to raise over $1 billion in initial public offering (IPO) and contributed 2% to Indonesia's GDP in April.
In total, PT Kripto Maksima Koin is among the 25 crypto platforms licensed by Bappebti on January 28, 2022.
