Industry Insiders: Indonesia's Licensing System Raises Concerns about "Monopoly" Marke

Indonesia is striving to tap into the economic potential of cryptocurrencies and protect users through a rigorous approval process. However, Tuhu Nugraha, head of Indonesia's Digital Economy and Regulatory Network (IADERN), said that its licensing framework has raised concerns among stakeholders. Nugraha also serves as an advisor to the Indonesian government, he believes there are challenges with the country's Physical Crypto Asset Trader (PFAK) license which authorizes organizations to trade in cryptocurrencies and provide cryptocurrency services. Only a few people hold this license, sparking fears about the emergence of "monopolistic or oligopolistic market conditions". An oligopoly is an economic situation where only a few companies dominate many companies. In such cases, it would be difficult for new companies to enter the market.