- Indonesia’s Commodity Futures Trading Regulatory Agency, Bappebti, authorizes trading for 501 cryptocurrencies, encompassing XRP, Cardano, and several others.
- Despite the U.S. SEC’s litigation against certain cryptocurrencies, these assets find their place on Bappebti’s approved list, exemplifying Indonesia’s supportive stance towards cryptocurrencies.
In a watershed moment for the cryptocurrency sphere, Indonesia’s Commodity Futures Trading Regulatory Agency, commonly known as Bappebti, has granted trading approval for a staggering 501 digital currencies. These include industry heavyweights such as XRP, Cardano (ADA), as well as nearly all tokens perceived as securities by the U.S. Securities and Exchange Commission (SEC).
The Indonesian government has released a list of tradable cryptocurrencies, including BTC, ETH, LTC, SOL, ADA, XRP, DOT, SAND, UNI etc., a total of 501 cryptocurrencies, covering almost all tokens recognized as securities by the US SEC. https://t.co/iVObrH1aXx
— Wu Blockchain (@WuBlockchain) June 18, 2023
This leap in the country’s crypto framework was brought to light through a document unveiled on Bappebti’s official site. Translated from Bahasa, the document titled “Regulation of the Commodities Trading Supervisory Agency Number 4 of 2023” presents a comprehensive list of tradable cryptocurrencies, broadening the horizon for crypto-enthusiasts in the region.
Remarkably, this green light comes despite the ongoing lawsuits by the U.S. SEC against major cryptocurrency exchanges, Binance and Coinbase. These disputes revolve around the allegation that certain digital assets such as Cardano, Solana, Polygon, and The Sandbox qualify as securities.
As an example, XRP’s parent company, Ripple, along with two of its executives, were sued by the SEC in December 2020 on charges of conducting an unregistered security offering. However, the ripple effects of these lawsuits seem to be non-binding on Indonesia’s crypto trajectory, with these disputed currencies finding their place on Bappebti’s approved list.
This development signals Indonesia’s pronounced support for crypto-assets. The country’s regulatory environment has been notably accepting of digital currencies, even as it maintains a vigilant stance to safeguard the rupiah, the nation’s exclusive legal tender.
Earlier this year, reports hinted at Indonesia’s ambition to set up a cryptocurrency exchange, further demonstrating its crypto-friendly disposition. This move is likely to occur before the regulatory authority over these assets transitions from the commodities agency to the Financial Services Authority.
In essence, the Bappebti’s announcement holds far-reaching implications for the crypto ecosystem in Indonesia and beyond. By embracing digital currencies widely recognized as securities, the agency is rewriting the rulebook on cryptocurrency trading, potentially setting a new standard for the global crypto landscape.