Binance invades Indonesia’s booming crypto scene
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For a variety of reasons, a majority of Southeast Asian nations have quickly become a pillar in crypto space. Singapore, whose government has indirectly invested in Binance, is known for its series of industry events, industry startups and banks that work in good faith with bitcoin dealers.
Apparently, there are nowhere more cryptoinvestors in the world than in Thailand. And the Philippines has long been an industry hub with proper regulation, active investors and pro-crypto financial institutions.
While all that in itself is great, Indonesia, another powerhouse in the region, is apparently trying to put itself on the list of “best nations for cryptocurrencies”.
According to a press release, the Binance Academy, the educational branch of the world-renowned stock exchange, has started its service with a Bahasa Indonesia version. To achieve this, Binance employees and volunteers translated over 80 articles related to key products and terms in this industry from English into the native language of Indonesia. According to the press release, this corresponds to about 10 percent of the content of the English version of the website, which contains 726 articles, videos, glossary articles and other media.
Binance Chief Development Officer Ted Lin said: “The expansion of Binance Academy into Indonesian content confirms Binance’s strong commitment to promoting crypto education through high-quality, unbiased knowledge sharing that is freely accessible to all.”
Lin added that, for a variety of reasons, Indonesia is an “important emerging market”, both in terms of cryptocurrencies and the traditional financial world. Regarding digital assets, the news release says it would be negligent to ignore this booming market as there are more bitcoin investors than equity investors in the nation. In addition, the launch of the academy in Indonesia would be at a perfect time as the country’s cryptocurrency dynamics begin to increase.
It also states that blockchain technologies should, in fact, become more important in the Asian nation, as payment ecosystems built with this technology can be cheaper, less censored, more decentralized and faster than traditional means.
This is a step from Binance just days after Indonesian authorities have reportedly issued a series of pro-crypto guidelines that will create a healthy environment for this emerging asset class. The Asian news agency KrAsia reported that the nation’s “Commodity Futures Trading Regulatory Agency”, also known as Bappebti, has confirmed that cryptocurrencies are now classified as commodities.
In a recent bill Bappebti head Indrasari Wisnu Wardhana said that this new-fangled scheme should provide legal clarity and much-needed investor protection for the crypto-space. The regulator allegedly writes:
We want to protect people who want to invest in cryptosystems, so they are not cheated by dubious sellers.
Regulation No. 5/2019 confirms that Indonesian crypto exchanges that are in the fight against money laundering and know your customer policies may continue to operate.
Just a few days after the news was distributed, Bappebti issued a press release with specific rules for crypto-focused futures and derivative providers seeking to establish themselves in the nation. While some of the above rules might be considered severe, this recently adopted directive should create a sustainable environment for both pro-bitcoin exchanges and investors in Indonesia.
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