Crypto exchange Fasset hopes to win Indonesia license next month
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Loading... - Annisa Wati
- 31 Mar 2023
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The Fasset cryptocurrency exchange, which raised US$22 million in series A funding last year, hopes to get a license in Indonesia by next month after waiting for nearly a year.
In an interview with Forkast’s Pradipta Mukherjee, Fasset’s Indonesia country director Hendra Suryakusuma highlighted the opportunities to help drive financial inclusion in the Southeast Asian nation. According to some estimates, half the country’s population of 270 million lack full access to financial services.
Indonesia’s plan to introduce a national crypto exchange has been running behind schedule as the country puts together the right infrastructure, Suryakusuma said, while a central bank digital currency (CBDC) is expected to bring opportunities especially when the adoption level is low.
The following Q&A has been edited for clarity and length.
Pradipta Mukherjee: When do you hope to get your license in Indonesia?
Hendra Suryakusuma: We have submitted all the required documents and our offices and end-to-end systems are being checked for the audit report. So we hope to get the license in two weeks. We have to comply with not only regulation from Bappebti [Indonesia’s Commodity Futures Trading Regulatory Agency] but also from the Ministry of Communication and Informatics. You cannot operate in Indonesia without getting this license first. There are so many requirements that we need to comply with. That’s the reason why the process took quite some time. The government is still granting new licenses through Bappebti, but the process is slow. Read More…
