Binance's Indonesia Subsidiary Obtains Full Regulatory License

TL;DR

• Tokocrypto, Binance’s Indonesian subsidiary, has obtained a full license from the nation’s regulator. 

• The crypto exchange now acts as a Physical Crypto Asset Trader in Indonesia.

Binance’s Tokocrypto Obtains Indonesian License

Binance subsidiary Tokocrypto, an Indonesian cryptocurrency exchange, has been granted a full license as a Physical Crypto Asset Trader (PFAK) from the country's Commodity Futures Trading Regulatory Agency, Bappebti.

This latest development comes roughly two years after Binance acquired the cryptocurrency exchange, having previously been a majority shareholder of the company.

While commenting on this latest development, Tokocrypto CEO Yudhono said

"We are proud of this achievement to become the third exchange to receive a PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti." 

Last year, the Indonesian government required all crypto exchanges to register with what it called the world's first national bourse for crypto assets. Bappebti was tasked with regulating the bourse. The bourse (Commodity Future Exchange (CFX)) operates like a traditional stock exchange but focuses especially on digital assets. 

The Indonesian government introduced the regulatory requirement due to the high local demand for cryptocurrencies. Over 30 exchanges have applied so far, but the regulator has only approved three.