Cryptocurrency exchange Fasset is expected to gain a license to operate in Indonesia by next month.
The firm's Indonesian country director Hendra Suryakusuma told Forkast it aims to drive financial inclusion to a population that lacks full access to financial services.
The platform focuses on Muslim-majority countries and believes Indonesia, one of the most populous countries in the world, has been “running behind schedule” in its plans to introduce a national crypto exchange.
Companies wishing to operate in Indonesia must comply with regulation from Indonesia’s Commodity Futures Trading Regulatory Agency, Bappebti, and the Ministry of Communication and Informatics.
Fasset has submitted all relevant documentation and is waiting for the final audit report before it can start developing blockchain technology in the country.
After obtaining the license, the firm hopes to help Indonesia promote financial inclusion, improve supply chain management and enhance government services' security and efficiency.
Indonesia is continuing to show significant growth in the crypto sector as its government pushes to develop a clear regulatory framework.
According to data from Bappebti, the country has access to crypto assets through 28 different crypto exchanges, however around 52% of the population still “lack access to bank accounts and financial services”.
“The government is launching several initiatives to promote the use of digital payments for people without access to traditional banking services. Even street vendors accept digital payments”, said Suryakusuma.
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