Bappebti (Indonesian Commodity Futures Trading Regulatory Agency) has recently released an updated list of legal crypto assets traded in Indonesia, effective as of February 19th, 2024. This latest update introduces 545 legal crypto assets, marking an increase from the previous year’s count of 501. Notably, tokens associated with bankrupt companies, such as CEL and Voyager Token, have been removed from the list. Conversely, new additions include Tether Gold, Worldcoin, Arkham, Pendle, Kaspa, Mantle, Radiant Capital, ORDI, SEI, Eminer, Vibing, AIDR, MLK, Maverick Protocol, AirSwap, among others.
Under the leadership of its Acting Head, Kasan, the regulatory body has enacted Regulation No. 2 of 2024, amending Bappebti Regulation No. 11 of 2022. This amendment aims to adapt to market demands and provide legal clarity and protection for individuals engaging in crypto asset transactions within Indonesia’s physical market. The revised regulation adopts a positive list approach, intending to mitigate the risks associated with trading crypto assets lacking transparency in their whitepapers or those with illicit purposes such as money laundering.
The primary objective behind this initiative is for the Indonesian government to fortify the regulatory framework surrounding the nation’s thriving cryptocurrency industry and cultivate a secure and equitable environment for crypto trading. According to Bappebti, Indonesia boasts an estimated 17 million cryptocurrency users this year. If you’re eager to see your crypto project flourish in this dynamic market, securing a listing on Indonesian exchanges is a strategic step. Here are five practical strategies to guide you on this journey:
Understand the Requirements and Guidelines of Indonesian Exchanges
According to Bappebti, Crypto Assets can be traded if they meet at least the following requirements:
- Based on distributed ledger technology;
- Either a Utility Crypto Asset or a Crypto Backed Asset;
- Market capitalization falls within the top 500 (five hundred) in the market capitalization ranking of Crypto Assets (coinmarketcap) for Utility Crypto Assets;
- Listed on the world’s largest Crypto Asset exchanges;
- Provides economic benefits, such as taxation, fostering the information technology industry, and enhancing expertise in the field of information technology (digital talent);
- Has undergone a risk assessment, including money laundering and terrorism financing risks, as well as the proliferation of weapons of mass destruction.
Several exchanges also have their specific requirements for listing a token on their platform, so it is advisable to research the exchange of your choice. Delve into the nuances of these criteria, ensuring your project aligns seamlessly with regulatory expectations. A thorough understanding of the intricate details of crypto project listings and compliance standards is paramount for a successful entry into Indonesian exchanges.
Build a Strong Community and Engage with Local Crypto Enthusiasts
In the crypto ecosystem, the community is the heartbeat of success. Actively immerse yourself in local crypto communities, participate in forums, and be a presence at industry events. Building a robust and supportive network is not just about numbers; it’s about forging genuine connections. Engage with local crypto enthusiasts, share your project’s vision, and cultivate a community that not only believes in your project but becomes vocal advocates for its listing on Indonesian exchanges.
A robust crypto community is pivotal for the success of a blockchain startup, offering diverse advantages. Engaged users amplify a project’s exposure, reaching new markets and acting as natural advocates. The community’s support enhances the project’s credibility, instilling confidence among investors and regulators. Additionally, the community serves as a valuable feedback loop, providing real-time insights and constructive criticism for project refinement.
Beyond support, the crypto community becomes a hub for collaboration and innovation, fostering opportunities to work on new projects and ideas. Building a community is different from coding—it’s a dynamic task that requires continuous improvement to meet members’ evolving needs.
Partner with Influencers and Key Industry Players in Indonesia
In the crypto world, teaming up with key figures and influencers can be a game-changer. Building strategic partnerships with influential players in the Indonesian crypto scene is a smart move. Many in the crypto community rely on influencers for advice, and when your project is associated with trusted influencers, it not only becomes more visible but also gains credibility.
Collaborating with these influencers is like using social proof – where people tend to trust something if they see others doing the same. When influential figures in the crypto sector endorse your project, it builds trust and boosts the chances of people investing in it. These partnerships don’t just stop there; they also help you grow your connections within the local crypto community, setting the stage for a successful listing on exchanges.
Provide Clear and Transparent Information about Your Crypto Project
To secure a spot on Indonesian exchanges, offer a comprehensive and transparent overview of your crypto project. Develop detailed documentation that outlines your project’s goals, features, and technology. Transparency not only builds trust but also establishes credibility among potential investors, a crucial factor for a successful listing on Indonesian exchanges. Here’s a checklist of key details to include:
- Project Overview: Clearly define the goals and objectives and highlight the unique features that set your project apart from others.
- Technology Details: Clearly outline how your project utilizes blockchain or other Web3 technologies.
- Roadmap and Milestones: Specify key achievements and plans, demonstrating the project’s growth trajectory.
- Transparency and Documentation: Ensure transparency by clearly communicating the inner workings and details of your project.
- Utility and Use Cases: Showcase practical use cases and how your project addresses real-world challenges.
- Partnerships and Collaborations: Highlight any strategic partnerships or collaborations that contribute to the strength and reliability of your project.
- Community Engagement: Provide evidence of community support, such as active forums, social media engagement, and user testimonials.
- Legal Compliance: Ensure that your project adheres to all relevant regulations and compliance standards.
- Token Details (if applicable): Clearly outline details about your project’s token, including its purpose, distribution, and any unique features.
- Security Measures: Demonstrate the security measures in place to safeguard your project and user assets.
Seek Professional Assistance from Listing Services or Consultancies
When you’re trying to get your crypto project listed on Indonesian exchanges, it can get pretty tricky. That’s where professional help comes in handy. Specialized listing services or consultancies can guide you through the process, making sure you understand all the rules and navigate the complexities of Indonesian exchanges smoothly.
These experts don’t just help you meet the basic requirements; they bring loads of experience to help your project comply with the rules, gain credibility, and move seamlessly in the Indonesian crypto world. Getting their support means more than just following the rules; it means getting insights, using the best methods, and having personalized strategies. These pros understand the challenges and opportunities in the Indonesian market, giving you valuable advice on how to make your project a success. Whether it’s doing a thorough check or planning ahead, their help can seriously boost your project’s chances of making it to the top on Indonesian exchanges.
In conclusion, navigating the landscape of Indonesian exchanges requires a strategic approach and a thorough understanding of the intricate details involved. Whether you’re engaging with local crypto communities, partnering with influencers, ensuring transparency in your project, or seeking professional assistance from services like Indonesia Crypto Network, each step plays a crucial role in securing a spot on these exchanges. By combining these strategies and leveraging expert guidance, your crypto project can not only meet the stringent criteria set by Indonesian exchanges but also thrive in this dynamic and promising crypto ecosystem.
