How to Get Your Projects Listed in Indonesia
Table of Contents
Web3 and crypto projects, which use decentralized technologies like blockchain and cryptocurrencies as a means of exchange, are gaining traction in Indonesia. The number of blockchain wallet users in Indonesia has been steadily increasing, reaching over 4 million in 2020, according to a survey by Statista. Additionally, as of 2022 the number of crypto traders in Indonesia has exceeded the number of stock traders, with the amount of 16.2 million users. These trends suggest that there is significant potential for web3 projects in Indonesia.
Having your project listed on an exchange in Indonesia may be an important step in gaining large visibility and attracting investors. Here are the steps in getting your crypto/tokens listed and tradable in Indonesia:
1. Research the available exchanges
The first step in getting your web3 project listed on exchanges in Indonesia is to research the available options. There are several exchanges in Indonesia that support cryptocurrencies, including Indodax, Tokocrypto, Pintu, etc. The full list of active exchanges in Indonesia can be read here:
Exchanges will typically conduct due diligence on any new project that they are considering listing. This can include a review of your project's whitepaper, codebase, and financials, as well as interviews with key team members. Make sure that you are prepared for this process and have all the necessary information and documentation ready. Each exchange has their own terms and policy for project listing. Look into the requirements and processes for listing on each exchange, as well as their fees and user base.
2. Submit whitelist requests to BAPPEBTI
Once you get your project listed on Indonesia registered exchanges, you can expect the help from the exchanges to submit a whitelist request to BAPPEBTI. Since 2019, cryptocurrency trading in Indonesia has been officially overseen and regulated by the Commodity Futures Trading Regulatory Agency (BAPPEBTI), a body under the Ministry of Trade.
This governing body is, amongst other duties, in charge of vetting, documenting and approving companies and commodity items allowed to be traded in Indonesia. As of 2022, its whitelist of permitted crypto tokens reached 383 digital assets. Once you get your project on this whitelist, your project is tradeable in Indonesia.
These assets are permitted based on BAPPEBTI’s own vetting methods, considering market capitalization rankings as well as security, background checks on the development teams, blockchain system management, and development roadmaps with verifiable success metrics. These are a few of the criteria that a project must meet to pass the screening:
A. Clear Tokenomics
Clear tokenomics is an important consideration for any project. This includes transparency regarding the total supply and distribution of Crypto Assets, as well as the allocation of tokens. It's important to have a reasonable public ownership portion, and rewards/benefits should be reasonable compared to the price. Additionally, plans for token allocation for bonuses, project development, and community building purposes should be clear. It's crucial to ensure that the prices that occur on the exchange are generated based on fair competition, free from manipulation and monopolistic activity.
B. Information about the Project is Available
Another important factor is clear information about the project. This includes having a white paper that is not easily altered, open source code, and information related to security, including the codes used. It's essential to provide clarity that the technology used is reliable and proven to work well. Business model governance, blockchain system scalability, and a development roadmap for the business model that can be verified are all crucial considerations. Developer transparency regarding the sustainability of the project is also important.
C. Credible team behind the Project
The credibility of the team behind the project is another key factor. There should be clear identification of the developer and team members so that their good reputation can be known. Developer team profile information should be available, and there should be a composition of developer ownership that does not endanger the general customers/investors. Access to information related to the business model development of a token/blockchain system should also be provided.
D. Accountable Source of Fund
Clear source and usage of the fund is another important consideration. The funds for the project should come from non-risky sources, and there should be a statement from the developer regarding this. There should also be clarity/statement that the funds raised are not used for illegal activities. Additionally, there should be a crypto fund that invests in the Crypto Asset.
D. Strong partners and community
Having a strong community around your web3 project is crucial for attracting investors and gaining support from exchanges. Engage with your community on social media and other channels, and encourage them to spread the word about your project. This can help to build trust and credibility, which can be important factors for exchanges when considering whether to list a new project.
3. Demonstrate Presence and Updates
Even after your project is listed, it's important to keep it visible and maintain engagement with your community. This can include regular updates on your project's progress, participation in industry events and conferences, and collaborations with other projects and companies.
Getting your web3 project listed on exchanges in Indonesia can be a challenging process, but by following these steps and building a strong community and reputation, you can increase your chances of success.
Since 2016, Indonesia Crypto Network (ICN) has helped projects and protocols building awareness, go-to-market strategies, and adoption in Indonesia. Users and industry players in Indonesia are increasingly looking towards ICN channels and similar trusted sources for reliable and actionable information that can deliver value.
Join the newsletter to receive the latest updates in your inbox.