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Hello there,
To say that crypto firms aren’t doing well right now would be an understatement.
Many of my friends have pulled back from investing in such assets in the middle of the crypto winter. Those still seeking “instant profits,” meanwhile, have turned to other investment instruments.
But there are many others who are buying crypto amid tough times, with the hope that the situation will get better. However, things just got even harder in Indonesia after the government tightened crypto regulations.
The country’s latest rules mandate that crypto trading platforms have 100 billion rupiah (US$6.5 million) in paid-up capital, up from the current 50 billion rupiah (US$3.3 million).
While the move could eliminate non-legitimate players, it poses a challenge for smaller crypto companies in the archipelago.
My colleague Budi dives deeper into this new regulation and how it could impact the industry.
Meanwhile, in this week’s Hot Take, I examine several of reasons that may have led to layoffs at Indonesia-based Xendit, which affected 5% of its employees in two markets. Given how the fintech unicorn just raised funds a few months ago, many were surprised by the job cuts.
– Jofie
THE BIG STORY
Indonesia’s crypto exchanges face fuzzy future amid new regulations
Image credit: Timmy Loen
The proposed rules might make things tough for smaller firms, but Bappebti’s regulations are still up in the air.
THE HOT TAKE
Why Xendit laid off employees after raising $300m in May
NEWS YOU SHOULD KNOW
FYI
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