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Indonesia’s Growing Potential as a Crypto Hub
Regulatory Approval for HAQQ’s Native Token
Indonesia has taken a significant step forward in its crypto journey, with the country’s Financial Services Authority (FSA) granting regulatory approval for the HAQQ Network’s native token, the Islamic Coin (ISLM). This development has sparked optimism about Indonesia’s potential as a crypto hub, with Mohammed AlKaff AlHashmi, co-founder of HAQQ Network, expressing confidence in the country’s growth prospects.
According to AlHashmi, Indonesia’s competitive edge lies in its rapid economic growth and large population, making it an attractive destination for crypto investors. “Indonesia is the largest Muslim country in the world, and compared to other countries, the population and volume in Indonesia is incomparable,” he said.
Smooth Regulatory Process
AlHashmi praised the Indonesian regulatory authorities for their knowledge and flexibility, which enabled a smooth approval process for HAQQ’s token. “Their regulations are flexible enough to enable project owners to do good business and protect the community,” he added.
Untapped Potential in Indonesia’s Unbanked
Indonesia’s unbanked population, estimated at around 74%, presents a significant opportunity for decentralized blockchain solutions. AlHashmi sees this as an untapped market that could benefit from HAQQ’s Sharia-compliant blockchain, which implements a system that is fully compliant with Islamic laws.
“We have something unique on the blockchain, or we developed it in a way to maintain the Sharia compliance there, which is called the Sharia Oracle, because we are a decentralized blockchain.”
Expanding Crypto Products in Indonesia
HAQQ Network is preparing to introduce a range of crypto products into the Indonesian market, including a solution for making Zakat donations through the blockchain. The Fairshare solution enables transparent and traceable donations, connecting wallets through smart contracts.
Additionally, HAQQ has launched a pilot for Shariah-compliant loans with the Indonesian entity, Agridesa, which combines technology and product development for agricultural sectors.
Indonesia’s Growing Crypto Adoption
AlHashmi hopes that these products will encourage wider crypto adoption in Indonesia, raising its potential to become a global crypto hub. With Indonesia already ranked as the third-highest country in terms of crypto adoption, the future looks promising for the country’s crypto industry.
For more news on the latest developments in the crypto space, visit Global Crypto News.
