The Indonesian government has deepened the country's crypto adoption with a list of tradable assets. Added Ripple's native token XRP among the 501 digital assets on the list. With the new disclosure, XRP and other listed tokens received the license to be traded in the country.
Indonesian Authorities Update Regulatory Document for Tradable Crypto Tokens
According to the published normative documentThe Indonesian government amended the country's former Trade Control Agency Regulations, Commodity Futures Number 11 of 2022.
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The amendment marked a big step towards the adoption of cryptocurrencies. In particular, the listed crypto tokens have received country approval as legally tradable cryptocurrencies.
The country titled the updated regulation "2023 Supervisory Body Commodity Futures Trading Number 4." The updated documents determine the assets that could be traded on the Indonesian crypto asset market.
The official Twitter page of Wu Blockchain gave more information about the list of tradable tokens. He noted that the list covers almost all assets that the United States Securities and Exchange Commission classified as securities, including XRP, ADA, ETH, BTC, SOL, DOT, UNI, SAND, etc.
Indonesia's recently updated regulatory measures have sparked various reactions in the crypto space. According to a indonesian youtuberthe country has indicated a friendly disposition towards XRP.
Although the country classified XRP as a commodity, the YouTuber is optimistic about the possibility of XRP becoming a payment option in the future.
Yet another Indonesian Twitter user beautiful cabin He is skeptical of development. Indah warned against government involvement in the crypto industry.
The user mentioned that the authorities should prioritize their tax and regulatory oversight activities in the country and not switch to crypto business.
A cryptocurrency enthusiast, cryptoentrepreneursrevealed his dissatisfaction with XRP's recent US ranking as a security via a separate discussion.
The tweet noted the difference in jurisdictional regulatory measures around the world. According to the Twitter user, โAgain, the US is the only country that considers XRP as a security. So much corruption."
Indonesia and its crypto industry
Indonesia, which has a population of more than 270 million people, is gradually registering significant growth in its crypto industry. According to data from StatesmanIndonesia had around 11.2 million registered crypto investors in 2021. Furthermore, the country was ranked 20th out of 146 nations according to the Cryptocurrency Adoption Index in 2022.
With the growing adoption of cryptocurrencies in Indonesia, the largest cryptocurrency exchange in the country indodax listed Floki Inu (FLOKI) in April of this year.
The move to update its crypto regulations could trigger more positive exposure in the world of digital assets for investors.
Also, by spreading its tradable tokens, including XRP and others, under the SEC's radar, there is a chance that many companies will lean towards Indonesia in the future.
Featured image from Pixabay and graphic from Tradingview.com
