This is a significant milestone for both Kriptosh and the development of the cryptocurrency sector in Indonesia, which is well on its way to become a cryptocurrency powerhouse in the region.
Currently there are 31 licensed cryptocurrency exchanges in operation, and with Kriptosh as the latest newcomer with its technological edge, they are expected to compete and cooperate at new heights.
Over the past few years, cryptocurrency has been a hot topic in Indonesia. The rapid growth in the number of cryptocurrency users and traders has sparked the need for government regulations.
BAPPEBTI, as the agency responsible for overseeing and regulating commodity
futures trading, including cryptocurrencies, in Indonesia, has been authorising the
cryptocurrency exchanges that fulfil the requirements to operate in Indonesia with the
Kriptosh has undergone a rigorous process to meet the requirements set by BAPPEBTI
before obtaining the licence. This process includes financial audits, technology security
assessments, and strict compliance with Know Your Customer (KYC) and Anti-Money
Laundering (AML) standards.
But, he sees it as an auspicious sign that Indonesia is taking the right steps to protect the people and the industry.
He added that this licence demonstrates Kriptosh's commitment to complying with regulations and ensuring the security of their users.
With this official licence, Kriptosh is expected to provide legal certainty to users and businesses in the cryptocurrency industry. It will also help boost public confidence in cryptocurrency trading and strengthen Indonesia's position in the global cryptocurrency
Clear regulations and the presence of legitimate cryptocurrency exchange platforms will
encourage more people to participate in the cryptocurrency ecosystem, both as investors
and traders. It will also help reduce the potential misuse of cryptocurrencies for illegal
activities such as money laundering and terrorism financing.
Although this licence represents a positive step in regulating the cryptocurrency industry in
Indonesia, there is still much work to be done. The government and regulators will continue
to monitor the industry's developments to ensure compliance with regulations and user