1. Startups

Coinbase and Crypto.com Prepare Presence in Indonesia

Both are currently recruiting an executive director who will lead their business expansion and operations in the Indonesian market

Crypto asset platforms Coinbase and Crypto.com are preparing their plans to enter the Indonesian market. Both companies are looking for an executive director to lead their business expansion and operations here. As stated on their respective LinkedIn pages, Crypto.com is looking for a Country Director and Coinbase is looking for a General Manager in Indonesia.

Crypto.com has been around since 2016, currently serving around 10 million global users. While Coinbase was founded in 2012 and has been listed on the NASDAQ, currently their service has 89 million users from 100 countries around the world.

One of the tasks of the executive is to ensure the platform gets growth from the users and transactions involved. In addition, in the required provisions, they will also be responsible for ensuring that the company's business operations obtain permits from the relevant regulators -- in this case from CoFTRA.

Although it is not yet official in Indonesia, it is known that both platforms already have users here. Because basically their service allows crypto asset transactions by global users.

In fact, Coinbase itself already has business relations in Indonesia. In May 2021, the company participated in local crypto platform series A funding Pintu along with a number of other investors.

In addition to providing a trading platform for crypto assets, both Coinbase and Crypto.com also have other services, including for the business segment. For example related to DeFi, platforms crypto wallet, and others.

Crypto asset enthusiasts continue to increase

Interest in crypto assets continues to increase in Indonesia. According to data from the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade as of February 2022, there are around 12,4 million crypto investors in the country. This is none other than because ecosystem wealthtech which accommodates and facilitates the needs of investors.

So far CoFTRA has also released a list of 11 crypto platforms under its supervision, as follows:

Corporate EntityPlatformWeb Visits*App Rating**
PT Indodax National IndonesiaIndodax9 million - 12,7 million82
PT Crypto Indonesia Blessingtokocrypto1,8 million - 2,6 million100
PT Zipmex Exchange Indonesiazipmex2,9 million - 5 million137
PT Indonesia Digital ExchangeIdexn / An / A (early access)
PT Pintu Where have you beenPintu810 thousand - 1 million60
PT Luno Indonesia LTDLuno1,2 million – 1,7 million163
PT Cipta Coin Digitalmy coinsn / An / A
PT Tiga Inti UtamaTriv241 thousand - 432 thousandn / A
PT Upbit Exchange IndonesiaUpbit ID52 thousand - 90 thousandn / A
PT My Account Dotcom Indonesiamy account102 thousand - 362 thousandn / A
PT Triniti Investama BlessingBitocto17,9 thousand - 22,7 thousandn / A

visit statistics on Similar Web December 2021 – February 2022; * Playstore Indonesia ranking statistics on Appbrain as of April 6, 2022

The presence of Coinbase and Crypto.com will certainly make the competition between platforms more interesting.

More Coverage:

Another thing that needs to be noted, regulators in Indonesia will Immediate Tax Income (PPh) and Value Added Tax (VAT) with a final rate of 0,1 percent each for each crypto asset purchase transaction. The regulation will be effective on May 1, 2022. This policy is based on crypto assets in Indonesia being recognized as a commodity, not a means of payment.


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