No one can deny that Indonesia is an important crypto market. In fact, the whole Southeast of Asia, for several reasons, is a big target for blockchain companies and many of them have rooted their business there. There, banks even work together with crypto companies in a much friendlier way than in the Western world.
In the case of Singapore, the government has even indirectly invested in Binance, the largest crypto exchange by market volume in the world. While Thailand and the Philippines both can be considered to be very important blockchain hubs which can become profitable markets, Indonesia is certainly booming right now and Binance knows it.
Binance Academy, the education center created by Binance, has recently launched its official version in Indonesia. The company translated several articles (more than 80) in order to achieve this. It was a huge translation effort in order to turn all these articles from English to the local Indonesian language.
At the moment, the site has 726 articles and this is only over 10% of the total, but it was an important move in order to establish some presence in the region. Ted Lin, the Chief Growth Officer at Binance, which is currently based in Malta, has affirmed that the expansion of Binance Academy was an effort to reaffirm the commitment of the company with the country.
As Indonesia is a growing hub for cryptos, many people in the country are getting interested in investing in cryptos. However, most of them actually lack the needed knowledge in order to be able to do it. By establishing the service in the country, Binance can get these potential clients on board of its platform.
Lin has defined Indonesia as a key market for Binance, as there are more Bitcoin investors than stock investors in the country. As the momentum for crypto traders is starting to be real in the country, Binance Academy is entering the market right at the best possible time.
In fact, Indonesian authorities have devised a pro-crypto regulation in the country, which continues to create a very healthy space for investors. The country’s Commodity Futures Trading Regulatory Agency, known as Bappebti, has confirmed that cryptos will officially be commodities in the country.
Definition and regulation can be very good for the market as investors will have a more stable idea of how to treat these assets
The lead of the organization, Indrasari Wisnu Wardhana, has affirmed that the new legal clarity and investor protection will help the crypto space for developing. According to him, they want to give more protection to the investors so they do not get cheated by bad people. Anti-money laundering and Know Your Customer (KYC) guidelines are also set to be defined.
After the announcement, the Bappebti has defined several rules and procedures for companies that want to open up shop in the country, which can lead to more stabilization for the companies who are interested in being a part of the Indonesian crypto economy.
However, not everything is great for cryptos in Indonesia. The country defines the assets as being commodities, not currencies. Because of this, they cannot be used as a medium of exchange in Indonesia. This is an unfortunate aspect that curbs a bit of the adoption of cryptos in the country.
- Source: First Appeared Here
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