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In Indonesia’s financial sector, cryptocurrency is big business, with the Ministry of Trade reporting a total of 859 trillion rupiah ($59.83 billion) in crypto transactions in 2021. Although there is still room for growth, the popularity of cryptocurrencies has revealed that 11 million Indonesians are actively involved in the crypto trade, highlighting the need for strict government regulation and oversight. The regulatory support from government agencies, the easing of access to cryptocurrency trading, and adoption by significant local technology players all contribute to the growth of Indonesia’s crypto community.
Despite the fact that cryptocurrency assets are still not considered legal tender, Indonesian businesses are free to buy, trade, sell, and provide cryptocurrency services as long as they follow Indonesian authorities’ regulations.
- The Commodity Futures Trading Regulatory Agency (BAPPEBTI), a branch of the Ministry of Trade responsible for vetting, documenting, and approving companies and commodity items allowed in the country, oversees and regulates these activities.
Aside from the notable prohibition on financial service providers, such as lending or credit services, from promoting or facilitating crypto trading, as they need only be specifically registered for crypto services, the regulation is comparatively lax.
BAPPEBTI has stated their intention to continuously improve security and regulation to build a more secure platform, reduce the risks of crypto, and avoid shady exchanges and assets in light of the ongoing growth of the crypto community in Indonesia and the rise of fintech related services.
Having established that, let’s examine the procedures for purchasing cryptocurrencies in Indonesia as well as the applicable laws and obligations.
Promising Exchanges to Buy Crypto for Indonesian Customers
Is Bitcoin Accepted in Indonesia?
Due to its enduring popularity among Indonesians, cryptocurrencies and the services that go along with them are accepted in the nation, with a number of regulations and responsibilities that come along with participating in the crypto market. Let’s start by making it clear that cryptocurrencies are not in any way regarded as legal tender. Only legally recognized crypto assets or cryptocurrency used for investment purposes are permitted in the nation.
The Indonesian Commodity Futures Trading Supervisory Authority, or BAPPEBTI, was established after the Ministry of Trade Regulation No. 99 of 2018 officially recognized trading in digital assets as legal. A framework for the future of crypto assets was soon published in 2018 by BAPPEBTI. Additionally, a list of 229 chosen crypto assets that are allowed to be traded on future exchanges has been compiled by BAPPEBTI Regulation No. 7 in 2020. All of these and other regulations work together to create a thorough legal framework that will enable the country’s cryptocurrency industry to grow.
Additionally, BAPPEBTI established the following obligations for physical traders of crypto assets in the same regulation:
- create standard operating procedures (SOP) for the trader’s monitoring and evaluation of the crypto-assets exchange;
- a crypto physical trader actively monitors and independently evaluates the cryptocurrency assets they are exchanging;
- actively communicated the findings of the monitoring and evaluation of trade crypto assets to BAPPEBTI, the Cryptoassets Futures Exchange, and the Cryptoassets Committee;
- unilaterally impose restrictions on crypto assets that fall short of their performance standards.
How to Purchase Cryptocurrency in Indonesia
Due to the regulations in place, purchasing cryptocurrencies in Indonesia is a fairly simple process. One option for purchasing cryptocurrency in Indonesia is to use Bitcoin ATMs, while another is to use cryptocurrency exchanges.
Bitcoin ATMs are specialized automated teller machines that allow you to purchase Bitcoin and withdraw funds from your cryptocurrency wallet. Although there is only one Bitcoin ATM in Indonesia, which is located in Jakarta, it is still quite convenient and simple to use.
If you intend to buy cryptocurrency through Bitcoin ATMs, prepare your crypto wallet and funds and follow the steps below.
Locate a Bitcoin ATM in your area, and bring cash, your wallet's address, and its QR code.
To select the Bitcoin cryptocurrency, use the machine's touch screen. Locate the address QR code of your crypto wallet and then show it to the machine's camera. After the camera has finished scanning, confirm your purchase.
Money should be placed in the machine. Make sure to add up the price paid and the service fee.
Once the confirmation has been made, wait for the Bitcoins to transfer to your crypto wallet.
If using Bitcoin ATMs makes you uncomfortable or you don’t find it to be convenient or effective, you can always try the more well-liked option of purchasing cryptocurrency through cryptocurrency exchanges. Crypto exchanges are online marketplaces that let you purchase, sell, trade, and invest in cryptographic assets so long as you have access to the internet. The majority of cryptocurrency investors use these exchanges to carry out their transactions because of their comfort, effectiveness, and flexibility.
The first thing you should do is find an exchange that has good security, low fees, and an easy-to-use interface. Capital, Pepperstone, and Crypto.com are among the most popular cryptocurrency exchanges in Indonesia.
To get started, just follow the simple instructions below:
To register and verify your account, go to the cryptocurrency exchange's website. It's possible that you'll be asked for a legitimate ID card and some personal data. You should then have access to the cryptocurrency services that the exchange provides.
Your cryptocurrency exchange account can be funded with fiat currency or with links to your bank account, e-wallet, or debit card. Any cryptocurrencies you have in your account will be bought using this method.
Go to the market and look for the cryptocurrency you want to buy, like Bitcoin (BTC). Select it, then choose Buy.
List all pertinent information, including the price and payment method of the purchase. Review the transaction, then give it your approval. You are then done.
Best Bitcoin Wallets in Indonesia
When purchasing and securely storing the money when purchasing digital assets like Bitcoin, a crypto wallet may be necessary. It is strongly advised to use more secure asset protection, preferably a hardware wallet. These are some of the best Bitcoin and cryptocurrency wallets on the market right now.
- Coinbase is the best and simplest cryptocurrency and NFT wallet for mobile (iOS and Android). With minimal transaction costs and virtually no maintenance costs, you can easily buy, sell, and self-custody directly from the app.
- The $150 Ledger Nano X is one of the most sophisticated hardware wallets available today. The highest level of security is provided, and a large number of cryptocurrencies, including Bitcoin, are supported. You can easily manage your wallet by simply using a USB connection to connect it to your computer.
- One of the most widely used desktop Bitcoin wallets, Electrum is available for Windows, Mac, and Linux. It has a high security level, a free software feature, and a simple user interface, making it a very secure cold storage.
Is Coinbase available in Indonesia?
One of the major exchanges in Indonesia is Coinbase, which provides a range of services like buying, selling, trading, investing in, and storing crypto assets with high-security encryption and an easy-to-use interface. Just visit their website, register for a free account, and start using Coinbase
Frequently Asked Questions
In Indonesia, only one Bitcoin ATM is currently operational. A Sumpopro BitXatm Bitcoin ATM can be found at the LTC Glodok shopping mall in Jakarta, Indonesia. It only supports Bitcoin exchange for a fee of 0.9%. It accepts US dollars as well as Indonesian rupiah.