On the cryptocurrency market, Indonesia provides XRP official trading status.
By developing a list of tradable assets, the Indonesian government has increased the country’s acceptance of cryptocurrencies. He added XRP, the native coin of Ripple, to the list of 501 digital assets. XRP and other registered tokens have been granted trading permission in the nation as a result of the recent finding.
Indonesian authorities update the trading crypto tokens regulatory document.
The Indonesian government has modified the old Commodity Futures Trade Control Agency Regulation No. 11 of 2022, according to a normative document that has been released.
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The change was a significant step toward the acceptance of cryptocurrencies. Notably, the listed cryptocurrency tokens have obtained national clearance for being transferable lawfully.
The nation gave the revised rule the name “Commodity Futures Trading Regulatory Supervisory Authority No. 4 of 2023.” The assets that can be exchanged on the Indonesian crypto asset market are specified in the amended documents.
Additional information on the list of traded tokens was provided via the Wu Blockchain Official Twitter Page. The list includes XRP, ADA, ETH, BTC, SOL, DOT, UNI, SAND, and other assets that are almost all listed as securities by the US Securities and Exchange Commission.
Numerous responses in the cryptocurrency community have been generated by Indonesia’s recently upgraded regulatory restrictions. Indonesian YouTubers claim that the nation has exhibited a welcoming attitude toward XRP.
The country has designated XRP as a commodity, but the YouTuber is optimistic that it will someday be used as a payment mechanism.
Pondok Indus, a different Indonesian Twitter user, is dubious of progress. Inda forbade government intervention in the cryptocurrency sector.
The commenter said that instead of focusing on the cryptocurrency industry, the government should give regulatory control and taxation in the nation top priority.
In another conversation, crypto enthusiasts and entrepreneurs voiced their displeasure about the US’s recent designation of XRP as a security.
The tweet highlights the variations in local regulatory frameworks around the world. The US is the only nation that views XRP as a security, a Twitter user claimed. It’s so corrupt.
Indonesia’s cryptocurrency market
With more than 270 million residents, Indonesia is one of the countries with the fastest growing crypto markets. Information from StatisticsIn Indonesia, there were over 11.2 million registered cryptocurrency investors in 2021. Additionally, according to the Cryptocurrency Adoption Index for 2022, the nation was rated 20th out of 146 nations.
Due to Indonesia’s increasing use of cryptocurrencies, FLOKI Inu (FLOKI) was listed on indodax, the main cryptocurrency exchange in the nation, in April of this year.
The decision to amend cryptocurrency regulations may have a more beneficial effect on the world of digital assets for investors.
In the future, it’s possible that many businesses may favor Indonesia because to their expansion of traded tokens outside the SEC’s radar, including XRP and others.
On the cryptocurrency market, Indonesia provides XRP official trading status.
