Tokocrypto , a cryptocurrency exchange in Southeast Asia established by Singaporean entrepreneur Pang Xue Kai, has become the first such exchange in Indonesia to be registered as a government-approved platform for the trading of cryptocurrency assets.

This eliminates legal concerns for traders on Tokocrypto, enabling them to buy and sell cryptocurrency assets such as Bitcoin and Ethereum on the platform with more certainty.

There is huge potential for cryptocurrency development in Indonesia as the country’s digital economy is projected to grow from US$40 billion in 2019 to US$133 billion by 2025, based on a report by Google and Temasek.

On February 15, Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) announced that only officially-recognized cryptocurrency exchanges in the country will be able to facilitate cryptocurrency trading legally from February 2020 onwards.

Being the first exchange platform to be registered with BAPPEBTI now gives Tokocrypto a first-mover advantage to seize new opportunities in Indonesia's cryptocurrency sector.

Pang, who is also a governing council member in the Singapore Chamber of Commerce Indonesia and the CEO of Tokocrypto, says, “Our approval gives us first-mover advantage, opening up access for Tokocrypto to service corporate enterprises and high net-worth individuals in Indonesia.

Tokocrypto was established by Pang in 2017. Year-to-date since 2018, it has facilitated more than US$250 million in cryptocurrency assets.