- Tokocrypto acquires a PFAK license, enhancing its regulatory status in Indonesia.
- Binance supports Tokocrypto’s expansion, which contributes to the company’s regional market leadership.
Binance subsidiary Tokocrypto has reached a crucial milestone by obtaining a Physical Crypto Asset Trader (PFAK) license from Indonesia’s commodity regulator, Bappebti. This license officially permits Tokocrypto to trade evident crypto assets in the Indonesian market.
Tokocrypto, which was filed as a Prospective PFAK in 2019, successfully completed the licensing of Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) procedure by meeting all regulatory requirements. This achievement demonstrates Tokocrypto’s dedication to regulatory compliance and its role in establishing a transparent cryptocurrency ecosystem in Indonesia.
Strategic growth and market impact
The announcement was issued on Monday, after a comprehensive investigation by Bappebti. Tokocrypto, which was previously a Prospective Physical Crypto Asset Trader (CPFAK), has transitioned to a PFAK, demonstrating its dedication to Indonesia’s strict regulatory standards. The site has had significant growth, with over 4.5 million members and a 138% increase in monthly trade volume by 2024.
Tokocrypto’s CEO, Yudhono Rawis, stated the license’s significance in assuring compliance with Indonesia’s stringent regulatory standards. The platform is now the third exchange in Indonesia to get this license, joining a market of 35 potential cryptocurrency exchanges.
Binance CEO Richard Teng complimented Tokocrypto on its achievement and restated Binance’s commitment to regulatory compliance. Binance has boosted its compliance staff and just received regulatory permission in Kazakhstan, strengthening its worldwide licensing ambitions.
The Indonesian cryptocurrency market is rapidly expanding, with more than 19 million people investing in crypto assets in the first two months of 2024. As the regulatory authority switches from Bappebti to the Financial Services Authority (OJK), Tokocrypto is well-positioned to benefit from this expanding industry with its recently acquired license.
Binance’s new RPL perpetual contract listing expands trading choices, while Tokocrypto’s PFAK license establishes Binance’s presence in Southeast Asia. Despite changing market dynamics and regulatory landscapes, these developments represent tremendous progress.
