Indonesia's CFX Crypto Exchange Dominates Market with 50% Share

CFX, Indonesia's national cryptocurrency bourse, has secured a significant portion of the country's trading volume by obtaining SPAB approvals from regulatory authorities. Four exchanges have contributed over 50% of the total volume, leading to a surge in overall transactions, with the crypto industry embracing regulations through CFX's role in promoting a secure and well-regulated ecosystem.

Indonesia's National Crypto Bourse CFX Dominates the Crypto Trading Landscape with Over 50% Market Share

Jakarta, Indonesia, April 8, 2024 - PT Bursa Komoditi Nusantara (CFX), the world's first national Indonesian crypto bourse, has firmly established its dominance in the domestic cryptocurrency ecosystem. With the granting of Member Approval Letters (SPABs) to four major crypto exchanges, CFX has captured over half of the country's crypto trading volume.

This remarkable achievement underscores the transformative role that CFX is playing in the evolution of Indonesia's crypto industry. By providing a secure and regulated platform for cryptocurrency trading, CFX is attracting a growing number of investors and businesses to the digital asset market.

SPAB-Approved Exchanges Drive Trading Surge

The four crypto exchanges that have received SPAB approvals from CFX, namely PT Pintu Kemana Saja (PINTU), PT Bumi Santosa Cemerlang (PLUANG), PT Kripto Maksima Koin (Kripto Maksima – GOTO Group), and PT Aset Digital Berkat (TOKOCRYPTO), have collectively contributed to more than 50% of Indonesia's total crypto trading volume.

Data from the Commodity Futures Trading Regulatory Agency (Bappebti) reveals a surge in overall transactions, with trading volume reaching IDR 55.26 trillion for the period of January to February 2024. This represents a significant 113% increase compared to the IDR 25.94 trillion recorded during the same period in the previous year.

CFX's Mission: A Safe and Regulated Crypto Ecosystem

Subani, President Director of CFX, attributed the surge in trading volume to the confidence that investors and businesses have in the exchange's commitment to security and compliance. He emphasized that CFX is dedicated to fostering a well-regulated crypto ecosystem that adheres to the highest industry standards and Indonesian regulations.

"We encourage remaining crypto companies to complete the registration process and obtain their SPABs," said Subani. "Becoming a regulated crypto exchange signifies a commitment to exceeding industry standards and adhering to Indonesia regulations. This aligns with CFX's mission to foster a secure and well-regulated crypto ecosystem in Indonesia."

Embracing Regulation for Industry Growth

Indonesia's crypto industry is undergoing a period of rapid growth and regulatory development. Bappebti (Regulation No. 8 of 2021 as amended by No. 13 of 2022) urges crypto traders to swiftly apply for a Physical Crypto Asset Trader license. This license requires approval from CFX (SPAB) and passing Bappebti's requirements, transforming applicants from "Prospective" to licensed "Physical" Crypto Asset Traders.

Indonesia's First Official Crypto Bourse

Indonesia's launch of CFX marked a significant milestone, establishing the world's first official crypto bourse. Founded in July 2023 by the Ministry of Trade Indonesia (Kemendag) and Bappebti, CFX aims to bring greater security and stability to the country's crypto market.

Designed similarly to traditional stock exchanges like NASDAQ, CFX focuses specifically on cryptocurrency trading. This innovative platform signifies Indonesia's commitment to creating a safe environment for both investors and businesses within the crypto space.

Regulation for a Brighter Crypto Future

"Strong regulations are essential for the future of Indonesia's crypto industry," concluded Subani. "CFX is fully committed to working with Bappebti and other stakeholders to create a safe, transparent, and reliable environment for cryptocurrency."

"As a crypto bourse, we strongly support Bappebti's efforts to prioritize consumer security and establish clear guidelines for the crypto market. We believe that regulation is crucial for the long-term growth and sustainability of the industry," added Subani.

About CFX Indonesia

CFX is the prominent Indonesian-regulated crypto asset bourse playing a vital role in facilitating the growth and development of the digital asset market in Indonesia, we are committed to the highest standards of compliance, bolstering investor protection through monitoring Indonesian-based crypto exchanges, and introducing innovative products in broader digital assets businesses by providing the highest standards of security and transparency to enhance Indonesia's crypto ecosystem.

For more information, please visit www.cfx.co.id.

Contact

Public Relations

Krizia Putri Kinanti

CFX

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+6281294744410