One Year in Bali: Reflecting on Our Journey since Opening Our Representative Office
We are thrilled to commemorate the one-year anniversary of our representative office in Bali, a significant milestone that marks a year of dedicated commitment to nurturing innovation and driving growth in Definder ecosystem. By establishing a physical presence in Bali, we have been able to immerse ourselves in the local community, building strong relationships with entrepreneurs, investors, and blockchain enthusiasts.
Bali, with its enchanting beauty and burgeoning tech scene, emerged as the ideal location for our representative office. The region’s vibrant startup ecosystem, coupled with its regulatory framework, made it a perfect fit for fostering innovation. This article serves as a timely reminder of why we chose Bali as our destination.
Let’s kickstart our article by revisiting a captivating video that we posted last year when we first opened our office in Indonesia. This video features Angela Topchyi, our representative person, as she shares her insightful thoughts on the significance of our decision to establish a presence in Indonesia.
Throughout this article, we will reflect on the accomplishments and milestones we have achieved during our first year on the island. We will talk about the projects we have worked with, the troubles we have overcome, and the collaborations we have forged. Additionally, we will explore the dynamic crypto environment in Indonesia and shed light on our plans for the future.
Crypto Landscape in Indonesia
Indonesia, as one of the world’s most populous countries, boasts a significant advantage from a macroeconomic standpoint: approximately 75% of its population is below 40 years of age, making it a youthful nation. This demographic profile plays a pivotal role in driving high technology adoption rates throughout the country. With a young and tech-savvy population, Indonesia embraces innovative technologies and exhibits a remarkable openness to new digital advancements.
Forty-one percent of Indonesians between the ages of 18 and 75 with an annual income of more than $14,000 possess crypto assets, according to a survey titled “Global State of Crypto Report.” Gemini evaluated 20 nations and found that the country came in at the top of the rankings.
In Indonesia, cryptocurrencies are categorized as commodities and fall under the regulatory oversight of the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Trade. Bappebti collaborates closely with the Blockchain Association of Indonesia (ABI), a trade group, to establish and uphold licensing regulations for crypto assets and service providers. This regulatory framework aims to ensure the proper functioning and integrity of the cryptocurrency industry within the country.
In Indonesia, the use of cryptocurrency as a currency for payments is prohibited by local regulations and Islamic law, which applies to approximately 87% of the country’s population of 273 million. However, crypto assets are classified as commodities, placing them in the same category as items like grains or gold.
As of the beginning of the last year, Indonesia had approximately 383 tradable crypto assets and 10 local coins. Additionally, there were 151 assets and 10 coins under review by Bappebti, the regulatory authority. Here you can find a whitelist. We maintain close communication with the regulatory authorities to ensure compliance and listing of our DNT token in the commodities whitelist. We have completed all necessary forms and documentation, and we are optimistic about DNT’s inclusion in the updated list, expected to be published later this year.
This regulatory framework establishes a structured and transparent environment for the crypto industry in Indonesia. It promotes investor protection and fosters trust in the market. The government’s recognition of the significant role cryptocurrencies can play in driving innovation and economic growth is evident through this framework. We are committed to adhering to all regulatory requirements and providing a transparent and secure environment for our users in Indonesia.
Establishing a Presence
Angela, our dedicated representative, set out with a primary objective: to establish robust connections with local communities and investors, laying the groundwork for finding exceptional projects to list. She also sought to evaluate the readiness of the Bali government, particularly in regard to tokenization, with a particular focus on real estate. However, it is important to note that the current regulatory framework does not explicitly address tokenization, which requires us to closely monitor the market and anticipate future changes.
During her endeavors, Angela discovered a promising project to list on our platform — Alex Villas, developed by Alex, who has been involved in constructing villas in Bali for over seven years. We forged a mutually beneficial collaboration and successfully listed his project on our platform. Despite crypto payments being accepted for significant amounts in previous years, a recent government announcement declared that such payments are no longer welcomed. Overcoming these hurdles required a significant investment of time and resources.
Nonetheless, we have developed a solution that allows us to continue working together. As we maintain close communication with Alex, we aim to list his future projects on our platform, as his previous villas have already secured funding and are either under construction or completed.
Despite the regulatory challenges we have faced, Angela remains steadfast in her efforts to connect with local SMEs and identify compelling projects for listing. Her dedication and perseverance have allowed us to establish promising relationships with various businesses in the region. We are excited to share that there are several interesting projects on the horizon, which you will soon have the opportunity to discover on our relaunched platform.
Angela’s proactive approach and ongoing engagement with local SMEs demonstrate our commitment to supporting and showcasing innovative ventures in Bali and beyond. We firmly believe that these projects will not only contribute to the growth of the local economy but also provide unique investment opportunities for our community members.
Building Strong Partnerships
Our success can be attributed, in part, to our strategic partnerships and collaborations. We are working on alliances with renowned local accelerators, incubators, and venture capital firms, expanding our reach and enabling us to source exceptional projects.
We have cultivated great relationships and established connections with two esteemed firms, Accelerating Asia and Bali Investment Club (BIC). While we may not be formal partners, we share mutual goals and collaborate closely to drive positive impact and contribute to the growth of the blockchain ecosystem. We are optimistic about the potential partnerships that lie ahead and look forward to forging official alliances that will further enhance our ecosystem.
We greatly appreciate the support and collaboration of all the companies and individuals we have worked with. These collaborations have provided us with valuable insights, resources, and networking opportunities. Together, we are focused on advancing the adoption of blockchain technology, fostering innovation, and contributing to positive change across various sectors. Through these collaborative efforts, we aim to build an ecosystem of cooperation and mutual growth, bringing us closer to our shared goals.
Community and Events
Our commitment extends beyond our own initiatives, as we actively engaged with the local community and participate in events that promote blockchain and investment awareness. These events provide valuable opportunities to connect with community, exchange ideas, and foster collaboration.
One significant event we have participated in is Crypto Bali Week, a community-driven initiative that brings together resources, projects, and stakeholders in the blockchain space on the island. Bali Crypto Week aims to educate, inspire, and empower individuals interested in the crypto movement, fostering a sense of community and knowledge sharing.
We have also been involved in Coinfest Asia, an industry event focused on the future of cryptocurrency and web3 in Asia. This event serves as a platform to showcase innovative solutions and applications from around the world, with a particular focus on Indonesia. We hope to attend Coinfest Asia once again this year.
We recognize the importance of collaboration, knowledge exchange, and building strong connections within the industry. These events enable us to stay informed about the latest developments, forge valuable partnerships, and collectively work.
In addition to participating in events, we have collaborated with local Indonesian Telegram chat groups and websites to publish articles (for example, Cryptomedia — popular local media) and share information about our platform and company. These collaborations have provided us with a platform to reach a wider audience, engage with community members, and present our vision, mission, and offerings.
We believe in the power of collaboration and the collective effort required to drive meaningful change in the industry. Together with the community, we strive to create a future where blockchain technology benefits individuals and businesses alike.
Looking ahead, we have exciting plans for the future of our representative office in Bali. Here are some of the key initiatives we will be focusing on:
- Strengthening Partnerships: We will continue to foster and expand our collaborative network within our ecosystem. Building strong partnerships is crucial for our growth, as they provide valuable insights, resources, and opportunities for collective advancement.
- Exploring New Projects: We are actively seeking out new and impactful projects that align with our mission and values. By identifying and nurturing innovative startups and initiatives, we aim to drive positive change across various sectors and contribute to the development of a thriving blockchain ecosystem.
- Navigating Legal Challenges: As the regulatory landscape evolves, we remain committed to maintaining compliance and ensuring a secure operating environment. We will stay informed about emerging regulations, work closely with regulatory authorities, and uphold transparency and ethical practices as we overcome any legal challenges that may arise.
Our goal is to achieve a perfect balance between crypto and crowdfunding startups, as well as small to medium-sized enterprises (SMEs). We recognize that it’s not only about cryptocurrencies but also about fostering innovation and developing new products that drive positive change. By combining the power of blockchain technology and crowdfunding, we provide a platform that supports startups and SMEs in their journey to create groundbreaking products and services. Join us as we strive to create an inclusive ecosystem where innovation thrives and impactful products are developed.
In conclusion, our one-year journey in Bali has been marked by milestones, challenges, and strong connections with the local community, investors, and entrepreneurs. Despite regulatory hurdles, we remain committed to fostering innovation, strengthening partnerships, and showcasing new projects. Our goal is to create a balanced ecosystem that supports both crypto and startups, driving positive change in various sectors. We acknowledge that there is more work ahead of us, but we are taking steady and confident steps towards our goals. We remain focused on our objectives and are determined to make progress. We extend our gratitude to everyone who has contributed to our success, and we look forward to continuing our journey in building a thriving blockchain ecosystem in Bali and beyond.