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XRP, Cardano (ADA) Trading Given Green Light in Indonesia: Details

Sun, 06/18/2023 - 12:04
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Tomiwabold Olajide
Indonesia releases list of tradable cryptocurrencies
XRP, Cardano (ADA) Trading Given Green Light in Indonesia: Details
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XRP, Cardano and 499 other crypto assets have been given the go-ahead for trading in Indonesia, according to a release by Bappebti.

Wu Blockchain reports that the Indonesian government has released a list of tradable cryptocurrencies, including BTC, ETH, LTC, SOL, ADA, XRP, DOT, SAND and UNI — a total of 501 cryptocurrencies — covering almost all tokens recognized as securities by the U.S. SEC.

Cryptocurrencies in Indonesia are traded alongside commodity contracts under the oversight of the Commodity Futures Trading Regulatory Agency, known as Bappebti.

The Trade Ministry's Futures Exchange Supervisory Board (Bappebti) released on its official page a document titled, if translated into English from Indonesian, "Regulation of the Commodities Trading Supervisory Agency Number 4 of 2023."

The document contains an exhaustive list of 501 cryptocurrencies that can be traded in Indonesia, which includes Solana, The Sandbox, XRP, Cardano (ADA), Polygon (MATIC) and several others.

Earlier in June, the SEC roiled the crypto market with its lawsuits against the two biggest crypto exchanges, Binance and Coinbase. It was alleged in the lawsuits that cryptocurrencies such as Cardano (ADA), Solana (SOL), Polygon (MATIC) and The Sandbox (SAND) were securities.

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In December 2020, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and two of its executives, alleging the sale of XRP constitutes an unregistered security offering.

Interestingly, the document lists cryptocurrencies that the SEC alleged were securities among the tradable assets in the country. As stated above, Bappebti is a commodity futures trading regulatory agency.

Indonesia has been supportive of crypto assets despite being cautious about cryptocurrencies competing with the rupiah, the only legal tender in the nation.

Earlier in the year, reports emerged of its plans to establish a cryptocurrency exchange this year before it transfers regulatory authority over such assets from a commodities agency to the Financial Services Authority.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.