Indonesia Embraces Crypto, Issues 501 Tradable Digital Currencies

In a significant stride towards embracing the crypto world, Indonesia has taken a bold step by releasing an extensive list of tradable crypto assets. As revealed by the markets regulator Bappebti, the list includes 501 cryptocurrencies, including some of the industry’s most notable names.

Among the cryptocurrencies listed by the Indonesian government are well-known names like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Solana (SOL), Cardano (ADA), Ripple (XRP), and Polkadot (DOT). These tokens represent various blockchain platforms and utilities, catering to multiple use cases and investment opportunities.

Coverage of Tokens Recognized as Securities

This announcement is even more noteworthy because it covers almost all tokens recognized as securities by the United States Securities and Exchange Commission (SEC).

In a development that sent shockwaves through the crypto market, the SEC filed lawsuits against two major crypto exchanges, Binance and Coinbase. These legal actions have raised concerns surrounding the regulatory status of some cryptocurrencies, specifically ADA, SOL, Polygon (MATIC), and The Sandbox (SAND). 

The SEC alleges that these digital assets may be classified as securities, prompting a reevaluation of their standing in the market.

Also, the SEC launched a lawsuit against Ripple Labs, the blockchain firm behind XRP, posing a serious legal hurdle. The SEC’s lawsuit against Ripple contends that the sale of XRP tokens constituted an unregistered security offering, in violation of US securities laws.

A Unique Approach to Crypto Regulation

The Indonesian crypto sector has chosen a novel approach to regulation and governance.  Unlike in some countries where crypto falls under traditional financial regulatory bodies, in Indonesia, crypto is traded alongside commodity contracts under the supervision of the Commodity Futures Trading Regulatory Agency, known as Bappebti.

By putting crypto under the supervision of Bappebti, the Indonesian government hopes to verify that trading activities adhere to existing regulatory frameworks. 

Indonesia Advances in the Crypto Space

In terms of crypto usage and regulation, Indonesia has been steadily advancing. The country has recognized the potential of blockchain technology and digital assets in fostering economic growth, financial inclusion, and technological innovation. 

With a population of over 270 million people, Indonesia represents a significant market for crypto and blockchain-based solutions. For instance, the country has announced plans to debut a national crypto exchange, a significant development that showcases the country’s commitment to embracing digital innovation.