BAPPEBTI Invited IOST To Be Legally Traded In Indonesia And Perform As A Government Consultant

After a warm reception and an office tour, IOST CTO Terry and BAPPEBTI representatives had a two-hour meeting regarding the blockchain and crypto industry. Terry first gave a brief introduction about IOST, a scalable and decentralized blockchain project powered by its unique and original consensus mechanism — Proof of Believability, with a well-developed mainnet, advanced DApp ecosystem, as well as large user base and nodes community.

Cakra Buana, the Head of Administration Division extended her appreciation for the warm reception and told Terry that as BAPPEBTI is working to improve its regulation on crypto market and enhance protection for traders, they are visiting several leading blockchain projects all around the world for experience and reference, and IOST was chosen as their first stop.

Terry continued to explain IOST’s development path and its collaboration module as a service provider for governments around the world. When being asked that if there have been any suspicious transactions on IOST, Terry answered no but admitted that one or two third-party DApps may have had problems. However, whenever that occurs, IOST would always communicate with the team and try to prevent the same problem from happening again.

Insightful exchanges on regulation took a leading role in the meeting. BAPPEBTI officials shared that crypto-assets like Bitcoin can now be traded legally, authorized by regulation №5/2019. This regulation is designed to protect citizens who want to invest in crypto-assets and provide legal assurance. BAPPEBTI is now working to improve the process of evaluating and issuing licenses for exchanges and tokens that can legally operate in Indonesia. The process is likely to include a risk assessment, trading volume monitoring, and a requirement on paid-up capital minimum, etc. BAPPEBTI also invited IOST to apply to be listed on exchanges in Indonesia.

At the end of the meeting, BAPPEBTI representatives expressed their recognition for IOST technology and its business module, and also their hope in future collaboration with IOST, where IOST can provide consulting services for the Indonesian government when conducting explorations in asset tokenization.

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