Magic Now Offers Crypto Investment, More Complete as Wealthtech

Magic to be a platform wealthtech next that offers crypto asset investment. This solution is present under the Ajaib Group business unit, with a legal entity PT Kagum Teknologi Indonesia, and has been registered as one of the crypto asset traders at CoFTRA.

To DailySocial.id, a spokesperson for Ajaib Krypto said, “Currently, Ajaib has gradually rolled out the Crypto Magic feature to Magic users. With this feature, for the first time Indonesian investors can invest in crypto assets, stocks, and mutual funds in one application. We can't wait to announce the development of Crypto Magic in the near future."

In enriching the asset class, Ajaib also has a number of licenses in order to remain compliant with applicable regulations. At the beginning of its presence, Ajaib just presented a mutual fund investment that was facilitated by PT Takjub Teknologi Indonesia. Later, it was expanded to share investment under a legal entity PT Magic Asia Securities, the result of the acquisition of PT Primasia Unggul Sekuritas.

Since then, Magic has grown rapidly in terms of user growth. It is claimed that since its release three years ago, the company has had 1 million retail investors shares. This figure was so rapid, because at that time Indonesia only had 2,7 million stock investors. This achievement led Magic as unicorn seventh from Indonesia, after securing a $153 million Series B investment led by DST Global.

Player wealthtech the other

Previously, Pluang also launched the same asset class last year. At its launch, the company hired Tokocrypto and Zipmex as third-party partners. Pluang users can make buying and selling transactions on 29 exchanges.

However, Pluang is more serious about the huge potential of crypto in Indonesia. Now registered as a crypto trader with a legal entity PT Bumi Santosa Brilliant. That is, Pluang add a new license.

Previously, Pluang formed a subsidiary to obtain an APERD license named Pluang Grow (PT Sarana Santosa Sejati). Also, pocketed a digital gold trading gold license under the legal entity PT Pluang Emas Sejahtera.

Meanwhile, Stockbit, the closest competitor of the two players above, is reportedly preparing a crypto asset class in the market platform-his. In the job search site, the company is looking for the right team to handle the product.

Behind the recent turmoil in the crypto market, this industry actually offers such promising potential. Based on data released by CoFTRA, it was recorded that the value of crypto asset transactions grew from IDR 64,9 trillion in 2020 to IDR 859,4 trillion in 2021. The increase in the growth of crypto asset transactions reached 16,2% per month.

The government has also designated crypto assets as tax object. As of early May 2022, physical traders of crypto assets that have been regulated by CoFTRA, are required to collect VAT and PPh for every investor who makes buying and selling transactions. In detail, in Tokocrypto for example, the tax amount is 0,31%, consisting of trading fees 0,1%, plus VAT and PPh 0,21%.