Tokocrypto, an Indonesian cryptocurrency exchange, has officially received a full operating license from the country’s Commodity Futures Trading Regulatory Agency (Bappebti). The Physical Crypto Asset Trader (PFAK) license was granted on September 9, giving Tokocrypto full authority to trade physical crypto assets and ensuring its compliance with Indonesia’s crypto trading regulations.
A Milestone for Tokocrypto
The new license marks a significant milestone for Tokocrypto. Since 2014, Indonesian exchanges were placed in a “prospective crypto exchange” category, but in 2019, Tokocrypto was registered as a Prospective Physical Crypto Asset Trader (CPFAK). That year, Bappebti required exchanges in Indonesia to seek full authorization, which laid the groundwork for the PFAK license.
Third Exchange to Receive PFAK License
Tokocrypto CEO Yudhono Rawis stated that Tokocrypto is now the third exchange in Indonesia to secure the PFAK license. Currently, there are still 35 prospective crypto exchanges registered with Bappebti.
Rawis explained that obtaining this license is a critical part of Tokocrypto’s strategy to become the leading trading platform in Indonesia’s crypto ecosystem. “This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers,” he said.
Tokocrypto’s Market Position
In 2023, Tokocrypto was the largest exchange in Indonesia by trading volume, holding a 43% market share among the country’s top three centralized exchanges, according to CoinGecko. Its closest competitor, Indodax, held a 42% market share, while Upbit Indonesia trailed with 15%.
Binance’s Role as a Tokocrypto Subsidiary
Tokocrypto has deep ties with global crypto giant Binance. In 2020, Binance made a major investment in Tokocrypto, but the amount invested was not disclosed. Binance later increased its stake in the exchange in 2022, further expanding its influence in the region.
In a recent announcement, Binance revealed that Tokocrypto is now officially its “subsidiary.” This suggests that Binance may hold a controlling stake in the Indonesian platform, cementing its presence in Southeast Asia’s growing crypto market.
