The cryptocurrency landscape in Indonesia received a massive boost from the largest exchange in the space, as according to reports, Binance facilitated an undisclosed investment in Tokocrypto, an Indonesian digital asset exchange, which is also the first regulated exchange in the country.
The announcement was made live on Binance’s blog, which stated,
“Binance, the global blockchain company behind the world’s largest cryptocurrency exchange by trading volume and users, today announced its investment in Tokocrypto, the leading regulated cryptocurrency exchange in Indonesia.”
Additionally, it was mentioned that that Indonesian exchange will be utilizing the fresh influx of cash in order to accelerate the growth of the exchange’s business, and development of new products and services. Innovations will also be carried out in areas which include nationwide expansion and imparting blockchain education in different regions.
In an interview with The Business Times, Pang Xue Kai, Co-Founder and CEO of Tokocrypto, stated that that partnership is extremely crucial and it would allow the exchanges to set up offices in different parts of the country. The focus remains on developing crypto trading within the nation first before targeting other markets.
Mr.Kai indicated that the exchange will have a major role to play in terms of expanding the use of Bitcoin and other cryptos in the Indonesian market and the strategic investment from Binance will assist them in sticking with the long-term plans. Tokocrypto’s average daily transaction volume currently stands at about US$700,000, which is relatively decent for an exchange in Indonesia.
After the announcement, Binance CEO Changpeng Zhao said,
“Our investment in Tokocrypto will allow us to explore exciting new opportunities together for the Indonesian market with a regulated local partner to further enable the freedom of money.”
Southeast Asia becoming active in the cryptocurrency ecosystem
The above collaboration between Binance and Tokocrypto could reap huge rewards for the Indonesian market but they were not the only Asian country to inject a sense of urgency.
According to recent reports, Vietnam’s Ministry of Finance is confident to set up regulations for digital currencies and assets. According to reliable sources, the ministry is ready to set up a nine-member group that will reportedly be led by Pham Hong Son, Vice Chairman of the State Securities Commission (SSC).
Other members are from the State Securities Commission, General Department of Taxation, State Bank of Vietnam’s Department of Banking and Financial Institutions and Legal Department, Vietnam Customs and National Institute for Vietnam Finance.
According to the market research analytic platform, CrytoCompare, about 80 percent of Bitcoin transactions were found to originate from Asia, mainly from China, Japan, the Republic of Korea, and Vietnam, back in November 2017.
Although the developments have been steady in the Asian subcontinents, it is imperative to keep an eye on the Asian market over the next few years as the likes of Bitcoin and other assets receive more recognition.