IADERN principal Tuhu Nugraha believes that the prolonged and complex registration process hampers growth and innovation in Indonesia's crypto ecosystem.
Indonesia is working to tap into the economic potential of cryptocurrency and safeguard users through strict approval processes. However, its licensing framework is raising concerns among stakeholders, says Tuhu Nugraha, principal of the Indonesia Applied Digital Economy and Regulatory Network (IADERN).
Nugraha, who also works as an adviser to the Indonesian government, believes there are challenges surrounding the country’s Physical Crypto Asset Trader (PFAK) license, which authorizes organizations to trade crypto and provide crypto services.
The executive told Cointelegraph that only a few hold the license, raising concerns about the emergence of “monopolistic or oligopolistic market conditions.”
