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SBI Remit Expands Ripple XRP Based Remittance Services

by Blockchain NewsSeptember 6, 2023

Today, SBI Remit, a subsidiary of SBI Group that specializes in providing services for international money transfers, made the announcement that it would expand its remittance services that are based on XRP to bank accounts in the Philippines, Vietnam, and Indonesia. These three countries are: Philippines, Vietnam, and Indonesia. The digital asset known as XRP is used by the service in the capacity of a bridge currency to facilitate real-time, low-cost international payments.

SBI is making calculated moves into the cryptocurrency market. Recently, the Japanese financial conglomerate led a $36 million Series A funding round for Zodia Custody, as reported by Blockchain.News, a cryptocurrency custody subsidiary of Standard Chartered. With this investment, SBI Holdings has reportedly become the second-largest shareholder in Zodia Custody.

The Situation

Since 2017, SBI Remit has been able to improve the quality of its international money transfer services by integrating Ripple Payments. The firm launched a crypto-enabled solution in 2021 that made use of XRP, making it the first product of its sort to be released in Japan. The service at first focused on cryptocurrency wallets located in the Philippines.

The expansion into Southeast Asian markets

According to the most recent release, the scope of SBI Remit’s XRP-based remittance services will now be expanded to cover bank accounts in the Philippines, Vietnam, and Indonesia. “These countries have a high share of bank account-based remittances, and we expect accelerated adoption in the future,” the business said in a statement.

Ripple’s technology is increasingly becoming a go-to solution for remittance services, thanks to its real-time, low-cost transaction capabilities. In 2021, Blockchain.News reported that Ripple entered into a strategic partnership with MoneyGram, a leading player in the global remittance market.

Specifications and Formulas

As part of the recently implemented plan, SBI Remit will be responsible for transmitting client remittance requests to the firm, which would then prompt a real-time transfer of XRP. Customers will now have the ability to receive monies in their respective local currencies as a result of the company’s partnership with TRANGLO Pte. Ltd., a market leader in the sector of money transfers.

Advantage over Competitors

SBI Remit’s goal is to provide quick and inexpensive money transfer services to its customers by using XRP as a bridge currency. According to the official statement, “The system may have the capability of enhancing competitiveness in the international money transfer business.” SBI Remit uses a technology called Ripple Payments, which has the ability to reduce the costs associated with money transfers and allow real-time settlements.

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Tagged : #XRP / Indonesia / News / Philippines / REMIT / REMITTANCE SERVICES / Ripple / Sbi / Vietnam

Indonesia’s State-Backed Crypto Exchange: An Analysis

by Blockchain NewsMarch 2, 2023

The decision made by Indonesia’s government to launch a cryptocurrency exchange that will be supported by the state is a major step towards the promotion of a crypto market in Indonesia that is more safe and transparent. As the cryptocurrency business continues to be plagued by scams and fraud, it is anticipated that the newly established exchange in the nation will address the need for more regulatory monitoring and investor safety.

In its pursuit to position itself as a regional powerhouse in the cryptocurrency business, Indonesia has taken a courageous step by launching a cryptocurrency exchange that would be supported by the state. The country aims to promote greater transparency and accountability in the cryptocurrency market by setting new regulations that require at least two-thirds of management to be Indonesians residing in the country, storing client funds in bank accounts held by third parties, and prohibiting exchanges from reinvesting in crypto assets.

In addition, it is anticipated that the state-backed cryptocurrency exchange would enhance crypto acceptance in Indonesia, which has experienced substantial rise in transactions involving crypto assets over the course of the previous year. It is anticipated that the exchange would entice a greater number of individual investors, institutional investors, and blockchain initiatives, all of which will stimulate innovation and contribute to the expansion of the nation’s economy.

The success of the cryptocurrency exchange that is sponsored by the Indonesian government will rely on a number of things, including the strength of the laws, the faith that investors have in the exchange, and the exchange’s capacity to combat fraudulent activity. On the other hand, if Indonesia puts in place the appropriate rules and tactics, it has the potential to become a key participant in the cryptocurrency business and to foster a market that is more safe and transparent for investors.

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Tagged : Adoption / Crypto Exchange / Indonesia / News / Regulations / STATE-BACKED

Indonesia to Launch State-Backed Crypto Exchange by Mid-2023

by Blockchain NewsMarch 2, 2023

The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has disclosed that it wants to create a state-backed cryptocurrency exchange by the middle of 2023 at the latest. This market is set to break new ground in the country by being the first of its kind to be created here. The management of the exchange will be handled by entities that get financial backing from the state in order to protect the money of customers and limit the likelihood of fraudulent behavior. The year before last, Indonesia passed new laws that made it mandatory for cryptocurrency exchanges to have at least two-thirds of their management team based in the country, store the funds of their customers in bank accounts controlled by a third party, and be prohibited from reinvesting previously acquired cryptocurrency assets. These new laws went into effect on January 1, 2018.

It is anticipated that the value of transactions involving crypto assets would reach around $57.7 billion in Indonesia in the year 2021. This figure represents a 1,224% rise in comparison to the value of similar transactions in the year before. Despite this, the country’s cryptocurrency business has taken a hit as a consequence of the collapse of a number of important cryptocurrency organizations, including as FTX and Zipmex, both of which had their headquarters in Singapore. This has caused the industry to suffer a setback. In addition, the cryptocurrency industry experienced losses of around $4 billion worth of digital assets in 2022 as a result of scams, fraud, and rug pulls, with five major exploits totaling $2,361,000,000 by itself.

Indonesia’s commitment to promoting a more secure and transparent cryptocurrency market is reflected in the country’s ambition to create a state-backed cryptocurrency exchange. As frauds and fraudulent activity continue to plague the cryptocurrency sector, Indonesia’s commitment to do so is reflected in the country’s ambition to create a cryptocurrency exchange. The government of Indonesia has the goal of reducing the number of instances of fraudulent activity, securing the assets of customers, and increasing the use of cryptocurrencies in the country by separating the trading, clearing, and custody processes in a manner that is supervised by the government.

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Tagged : BAPPEBTI / Crypto Exchange / Indonesia / News / Regulations / STATE-BACKED

Alchemy Pay Scores License to Expand in Indonesia

by Blockchain NewsMarch 2, 2023

A license to execute remittance and financial transfers in partnership with a local fintech business, Berkah Digital Pembayaran, has been issued to cryptocurrency payment service Alchemy Pay by the central bank of Indonesia. This license will allow Alchemy Pay to work with Berkah Digital Pembayaran. Both Alchemy Pay and BDPay were granted permission to use this license, which enables them to improve the payment ways they provide customers and lower their overall operating expenses.

In addition to providing local and cross-border remittance services, client payroll services, and transfers through bank application programming interfaces, Berkah Digital Pembayaran is a payment service provider. According to information gleaned from the official website of Bank Indonesia, the business was recently included on a list as a payment service provider falling under licensing category three. Transfers to any of Indonesia’s 136 banks may be made using the BDPay platform by retail and business customers alike.

Due to the acquisition of this license, the cryptocurrency on-ramp offered by Alchemy Pay is now able to enable payments made using Mastercard, Visa, Google Pay, Apple Pay, and other regional mobile wallets such as BDPay. At this time, operations are being carried out in 173 countries, and the organization is well-known for its relationships with big crypto giants like as the Binance exchange.

The acquisition of the license is a major achievement for Alchemy Pay as the company works to expand its service offerings throughout Asia and bolster its standing in the cryptocurrency payment sector. The firm began operations in 2018 in Singapore and manages its own utility token known as Alchemy Pay (ACH), which is issued on the Ethereum blockchain. The company was founded in 2018. The Automated Clearing House (ACH) system is an essential component of the Alchemy Pay network, since it is responsible for the provision of transaction fees, network incentives, and other operations.

In conclusion, the license that was awarded to Alchemy Pay and BDPay by the central bank of Indonesia allows the firms to provide improved payment ways while simultaneously lowering their operational expenses. This license is an important milestone for Alchemy Pay as it continues to extend its service offerings across Asia and improves its position within the bitcoin payment sector.

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Tagged : Alchemy Pay / FinTech / Indonesia / License / News / REMITTANCE

Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange

by Blockchain NewsFebruary 3, 2023

It has been claimed that Indonesia’s Ministry of Trade is planning to launch a national cryptocurrency exchange by June of this year. This would be six months later than the ministry’s prior goal date of December 2022.

At the beginning of Crypto Literacy Month on February 2 in Jakarta, Trade Minister Zulkifli Hasan announced the new target launch date and noted that the government is currently reviewing which companies meet their criteria to become a part of the exchange. According to local reports, the government is reviewing which companies meet their criteria to become a part of the exchange.

According to Zulkifli, all five of the operational cryptocurrency exchanges that are now registered with the country’s authorities might be included into the cryptocurrency exchange that the ministry plans to launch.

In spite of the fact that these exchanges are already responsible for enabling all transactions inside the country, the exchange run by the ministry would serve as a clearing house and a custodian in the local cryptocurrency market.

A clearing house is simply a third party that acts as a mediator between a buyer and a seller in order to ensure that the transaction is completed without any hiccups. At the same time, it would be responsible for managing the transfer of assets between the two parties as part of its position as a custodian.

The Minister of Trade pleaded with the general public to have patience over the establishment of a national cryptocurrency exchange, stating that “Let us not hurry because if it is not ready, things will become nasty.” Due to the fact that the general public does not have a lot of knowledge [about crypto trading], the government does not want this to have a significant impact on the population.

The Commodity Futures Trading Regulatory Agency, also known as Bappebti, is currently in charge of supervising the trading of crypto assets in the country alongside commodity contracts. However, once a national exchange has been established, the regulatory authority will be transferred to the Financial Services Authority.

This change in legislation is a direct result of new cryptocurrency rules that were enacted on December 15, 2018. These regulations recognise cryptocurrencies and other digital assets as regulated financial instruments.

Perry Warjiyo, the governor of the Bank of Indonesia, made the announcement on December 5 that a digital currency that the central bank was intending to issue would be the sole digital legal tender in the country.

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Tagged : Banks / Business / CBDC / Cryptocurrency Exchange / Indonesia / News / Regulation

Indonesia Plans to Strengthen Security for Crypto Investments

by Blockchain NewsNovember 10, 2022

Indonesia plans to improve security for cryptocurrency investments in the country.

The Financial Service Authority (OJK) of Indonesia will oversee the regulation, supervision and oversight of crypto investments to improve protection for investors, the Southeast Asian country’s minister said on Thursday.

The cryptocurrency sector in Indonesia is currently under the joint supervision of the Trade Ministry and the Commodity Futures Trading Regulatory Agency.

Finance Minister Sri Mulyani Indrawati put forward the new plan to improve security as part of financial sector legislation that is being debated in parliament.

Cryptocurrency in Southeast Asia’s largest economy has witnessed a boom in crypto investments, but using such assets as means of payment is illegal in Indonesia. However, cryptocurrency transactions for investment purposes are allowed in the commodities market.

According to Sri Mulyani, there were 15.1 million cryptocurrency investors in the country as of June. The number is a massive rise from just 4 million in 2020.

Sri Mulyani told a parliamentary hearing, “we need to build a mechanism of supervision and investor protection that is quite strong and reliable, especially for investment instruments that are high risk.”

She added that the new bill would empower OJK to regulate and supervise “digital asset activities, including crypto assets and financial sector technology innovation.”

Indonesia also announced in late Sept about new rules for crypto asset exchanges.

The South Asian country’s trade ministry is planning to issue new rules to govern crypto exchanges that will require two-thirds of the board of directors and commissioners to be Indonesian citizens and live in Indonesia, a deputy minister said Tuesday.

This change has come about due to the financial issues faced by cryptocurrency exchange Zipmex as it has currently stopped users from withdrawing funds.

“We don’t want to give permits (to exchanges) carelessly, so only for those that meet the requirements and are credible,” deputy trade minister Jerry Sambuaga told reporters after a parliamentary hearing.

Sambuaga added that the ministry’s Commodity Futures Trading Regulatory Agency (Bappebti) would issue the new rule soon.

However, a timeframe has not been provided.

According to a document issued by the ministry, the new rule will require will also require an exchange to use a third party to store client funds and prohibit exchanges from re-investing stored crypto assets.

Didid Noordiatmoko, acting head at Bappebti, told the parliamentary hearing that ensuring two-thirds of the board were Indonesians based in the country “could prevent the top management running away when a problem hits the exchange.”

The country’s performance in terms of crypto transaction taxes has also improved.

Since the rollout of fintech and crypto transaction taxes in May, Indonesia has amassed nearly $6.8 million, according to the nation’s tax compliance special staffer Yon Arsal.

The Indonesian finance ministry imposed a value-added tax (VAT) of 0.1% on crypto-assets purchases on May 1 this year. While the Indonesian administration decided to tax crypto transactions based on surging popularity among local investors.

Furthermore, crypto interest on Indonesian soil has skyrocketed since the onset of the COVID-19 pandemic. The number of crypto owners stood at 11 million in 2021.

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Tagged : Asia / Blockchain / Crypto / Indonesia / Investment / Regulation

Indonesia to Request Local Executive to Run Crypto Business

by Blockchain NewsSeptember 21, 2022

Indonesia could see new rules for crypto asset exchanges.

The South Asian country’s trade ministry is planning to issue rules to govern crypto exchanges that will require two-thirds of the board of directors and commissioners to be Indonesian citizens and live in Indonesia, a deputy minister said Tuesday.

This change has come about due to the financial issues faced by cryptocurrency exchange Zipmex as it has currently stopped users from withdrawing funds.

Sambuaga added that the ministry’s Commodity Futures Trading Regulatory Agency (Bappebti) will issue the new rule soon.

However, a timeframe has not been provided.

Sambuaga added that the plan to launch an Indonesian crypto asset bourse could hopefully be completed within this year. It has already been delayed from last year.

According to a report by Deal Street Asia, the proposed digital assets exchange is an attempt by the government to protect its masses as the interest in cryptocurrencies has continued to grow among the populace.

The crypto exchange was initially planned to go live in 2021 but was later postponed to the first quarter of 2022. This postponement did not also stir the launch of the exchange as its complexity forced the government to abandon the plan to date.

Bappebti’s data shows that cryptocurrency has gained popularity in Southeast Asia’s biggest economy, with a total transaction volume of crypto assets up more than 1,000% in 2021 at 859.4 trillion rupiahs ($57.37 billion).

The country’s performance in terms of transaction taxes has also improved.

Since the rollout of fintech and crypto transaction taxes in May, Indonesia has amassed nearly $6.8 million, according to the nation’s tax compliance special staffer Yon Arsal.

The Indonesian finance ministry imposed a value-added tax (VAT) of 0.1% on crypto-assets purchases on May 1 this year.

The Indonesian administration decided to tax crypto transactions based on surging popularity among local investors.

Furthermore, crypto interest on Indonesian soil has skyrocketed since the onset of the COVID-19 pandemic. The number of crypto owners stood at 11 million in 2021.

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Tagged : Bitcoin / Blockchain / Crypto / Indonesia / Regulation / Zipmex

Indonesian Government to Launch Crypto Exchange Soon

by Blockchain NewsSeptember 2, 2022

The Indonesian government is reportedly set to launch its own digital currency trading platform before the end of the year, after overcoming several delays.

“We will make sure that every requirement, procedure, and the necessary steps have been taken,” said Indonesia’s Deputy Trade MinisterJerry Sambuaga, noting that the delay cannot be attributed to any significant problem.

“This is proof that we are being careful. We don’t want to be hasty as it may cause us to miss something. Creating a bourse needs many preparations. We need to see which entities should be included in the bourse. Secondly, we need to validate the said entities. Thirdly, there is minimum capital and other requirements related to custodian depository, technical things,” he added.

Should the crypto exchange eventually go live, industry veterans believe it will cause a new shift in the embrace of digital assets in the country. Of major note is how well it will push institutional investors into injecting capital into the ecosystem as a crypto exchange from the government will come as more or less an endorsement.

The Indonesian government classifies crypto assets as trading commodities and not payments. Despite this designation, a lot of companies including GoTo, a publicly traded tech firm in the country are diversifying their investment and have acquired a licensed crypto exchange, PT Kripto Maksima Koin for $8.4 million.

The thriving digital currency ecosystem in the country also has vibrant stakeholders like Tokocrypto.

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Tagged : Blockchain / Crypto / Exchanges / Indonesia / TOKOCRYPTO

Indonesian Tech Firm GoTo Acquires Local Crypto Exchange For $8.4M

by Blockchain NewsAugust 30, 2022

GoTo Gojek Tokopedia Tbk (GoTo) announced on Monday that it has entered the digital asset business by acquiring local cryptocurrency exchange PT Kripto Maksima Koin as part of efforts to diversify its services.

GoTo notified the Indonesia Stock Exchange on Monday, stating that it acquired 100% shares of PT Kripto Maksima Koin for 124.84 billion rupiahs ($8.38 million).

GoTo is an Indonesian holding company that offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. The company mentioned that the deal was part of its goal to become “a diverse money management hub”.

“We believe that blockchain technology may play a mainstream role in the future of finance,” GoTo stated on Monday.

However, the tech company did not disclose further plans for the newly acquired entity.

PT Kripto Maksima Koin is among the 25 crypto exchanges that have been awarded licenses by Indonesia’s Commodity Futures Trading Regulatory Agency, known as Bappebti.

In April this year, GoTo raised $1.5 billion in IPO to become Indonesia’s fourth most-valuable company at a $28B valuation. The firm took advantage of Indonesia’s IPO listing rules which have led to record venture funding for Indonesia startups for the $70 billion digital market of Southeast Asia’s largest economy.

Founded in 2010 Gojek is an app for ordering food, commuting, digital payments, shopping, and hyper-local delivery, with more than 10 services. It is Indonesia’s first and fastest-growing decacorn building an on-demand empire across Southeast Asia.

Bitcoin Opportunity in Indonesia

The acquisition by GoTo followed Binance’s move to acquire a controlling stake in the Indonesian-based crypto exchange, Tokocrypto in May 2020.

During that time, Binance stated that the investment would help Tokocrypto to launch new services and products and expand across Indonesia.

Indonesia is the fourth most populous nation in the world, with over 270 million people. The country, therefore, has huge potential, a key factor that helped to attract Binance to the deal.

Binance seems to be targeting nations with larger populations for its expansion. In November 2019, Binance acquired the Indian cryptocurrency exchange WazirX to serve over 1 billion people in the country. Although early this month, Binance claimed that it does not own WazirX as it said the transaction of the deal was not completed.

Indonesia ranks so highly in the cryptocurrency market because its population and regulators have opened wide the doors of opportunity for crypto and blockchain development in the nation. The growth potential is massive.

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Tagged : Crypto / GOTO / Indonesia / News / PTKRIPTOMAKSIMAKOIN

Indonesia Rakes in Approximately $6.8m Monthly from Fintech & Crypto Transaction Taxes

by Blockchain NewsAugust 22, 2022

Since the rollout of fintech and crypto transaction taxes in May, Indonesia has amassed nearly $6.8 million, according to the nation’s tax compliance special staffer Yon Arsal.

During a recent retail conference, Arsal expressed his optimism that the figure would surge because the taxation was at the initial stages.

The Indonesian finance ministry imposed a value-added tax (VAT) of 0.1% on crypto-assets purchases on May 1 this year.

The Indonesian administration decided to tax crypto transactions based on surging popularity among local investors.

Furthermore, crypto interest on Indonesian soil has skyrocketed since the onset of the COVID-19 pandemic. The number of crypto owners stood at 11 million in 2021.

Per the report:

“According to the Indonesia’s Commodity Futures Trading Regulatory Agency, the total electronic asset transactions reached 59.8 billion USD in 2021, up 10 times from 2020.”

As the biggest economy in Southeast Asia, Indonesia took the crypto tax route to shore up state revenues in the post-pandemic era.

Hestu Yoga Saksama, the tax office spokesperson, had previously noted:

“Crypto-assets will be subject to VAT because they are a commodity as defined by the trade ministry. They are not a currency. So, we will impose income tax and VAT.”

Meanwhile, Fasset Technologies, a digital asset and fintech startup, recently partnered with payments giant Mastercard to drive financial inclusion in Indonesia.

With the world changing at an unprecedented rate, Fasset intended to offer its custom technologies to digitize banking services for Indonesians, Blockchain.News reported.

On the other hand, Bank Indonesia is evaluating the influence of central bank digital currency (CBDC) on the local economy to facilitate financial system efficiencies and inclusion.

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Tagged : Crypto / Cryptocurrency / FinTech / Indonesia / News / Taxation