- Tokocrypto, a Binance subsidiary, received a Physical Crypto Asset Dealer (PFAK) license from Indonesia’s Bappebti, becoming the third company to do so.
- The license allows Tokocrypto to operate within strict local regulations, strengthening investor trust.
- Tokocrypto now has over 4.5 million users, with a 138% increase in trading volumes compared to last year.
Recently, Tokocrypto, a subsidiary of Binance, received a Physical Crypto Asset Dealer (PFAK) license from the country’s Commodity Futures Trading Regulatory Authority (Bappebti). It is a big milestone for Tokocrypto because it is now the third one in Indonesia to get this license among the many others available. This makes it clear that Tokocrypto is one of the main participants in Indonesia’s crypto market.
Tokocrypto’s movement to gain full legal status started in 2019 when it received the registration as a Prospective Physical Crypto Asset Trader (CPFAK). As time passed, the company has gone through an exhaustive regulatory process to fulfill Bappebti’s demanding requirements, which resulted in the formal recognition.
The PFAK license gives Tokocrypto the right to conduct operations in physical crypto asset trading that follow local regulations. Such regulations are very strict in Indonesia. Such recognition is a clear manifestation of Tokocrypto’s compliance with regulations. It is, in fact, a positive influence on investors’ trust in the platform.
Binance’s Support in Driving Web3 Growth in Indonesia
A blog post published by Binance pointed out that having this license is a major step for both Tokocrypto and the entire Indonesian crypto market. Richard Teng, CEO of Binance, lauded the accomplishment and called it proof of Tokocrypto’s commitment to regulatory excellence and transparency. He further emphasized Binance’s ongoing support for Tokocrypto, which he sees as vital to advancing the Web3 ecosystem in Indonesia.
Yudhono Rawis, Tokocrypto’s CEO, reiterated this view, celebrating the PFAK license as a crucial part of the company’s plan to dominate the crypto-asset market in Indonesia. He pointed out that Tokocrypto is currently making strides to ensure regulatory compliance, and this success is a core component of the company’s growth vision.
Tokocrypto has proved its potential this year. Its platform now has more than 4.5 million users. Besides, the average monthly trading volumes are 138% higher than last year. This data shows that people in Indonesia want to use cryptocurrencies and that their confidence in Tokocrypto platform is growing.
Ensuring that the exchange’s services are both secure and dependable, together with the backing of Binance, has put Tokocrypto in a prime position to continue its upward path. However, the license granted to Tokocrypto is a major milestone in the movement of the country towards a more regulated and investor-friendly crypto ecosystem. In the near future, Binance and Tokocurrency might have the biggest role in determining the direction of crypto-asset trading within the region.
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