Indonesia’s trading regulator, the Commodity Futures Trading Supervisory Agency (CoFTRA), has now allowed the trading and holding of more than 220 crypto assets in its country, just days after the country’s financial regulator OJK forbade financial institutions from engaging in crypto-related activities.
As per the recent reports by CNBC Indonesia, CoFTRA has approved 229 crypto assets to be traded within the country’s borders after the financial regulator issued the whitelist of the assets earlier this month. However, all the remaining assets would be delisted to protect consumers’ interests.
The approved cryptocurrencies went through a clearing process, including studying the top 500 crypto assets by market cap and factoring in their security aspects, scalability, future roadmap, governance, development team, and more.
“With the issuance of the CoFTRA regulation, it is hoped that physical trading of crypto assets in Indonesia will be able to provide legal certainty as well as protection for people who transact physical crypto assets in Indonesia,” the translated CoFTRA official statement read.
Per the announcement, some of the coins approved are Bitcoin, Ethereum, Tether, XRP, Bitcoin Cash, Binance coin, Polkadot, Chainlink, Litecoin, Bitcoin SV, Cardano, USDC, Crypto.com Coin, Tezos, Stellar, and more.
Meanwhile, there is yet to be a commentary on Indonesia’s Financial Services Authority’s (OJK) latest move to ban domestic financial institutions from engaging in crypto-related activities such as marketing, using, or facilitating trading of crypto assets. In a social media post, OJK further warned of the risks associated with the sector.
Currently, Indonesia has the seventh-largest crypto user base with an estimated 7.2 million domestic traders involved in crypto trading, as per data from Triple A.