Cryptosh Exchange Grand Opening with Official Indonesian Government Approval… Promoting Issuance of Original Coin and DeFi Entry

The cryptocurrency exchange "Kriptosh", which received official approval from the Indonesian government, held its grand opening on June 24th.
The company has undergone strict licensing procedures for its cryptocurrency business from the Commodity Futures Supervisory Agency (a Commodity Futures Exchange Supervisory Agency under the Ministry of Trade), and has received official national approval.
Cryptosh is one of the few exchanges to have secured such a license, and has both deposit and technical requirements.
According to the industry, Cryptosh's corporate value was estimated at about 100 billion won (about 106 million yen) immediately after the approval, which is the largest amount in the market.
This is a reflection of the high barrier to entry and scarcity of cryptocurrency. At the same time as the official launch, Cryptosh will issue its own coin and begin to fully expand its ecosystem based on this.
The token will benchmark against Binance's BNB model and offer a variety of benefits, including fee discounts, trading rewards, and community participation rewards.
In particular, the exchange will provide its own DeFi service through external partner companies, allowing users to earn staking, interest income, and lending.
The company plans to integrate various blockchain financial services such as the above, aiming to become a comprehensive crypto asset platform that goes beyond the existing trading functions.
The company also reportedly has received official approval from Indonesian authorities for USDT-based over-the-counter (OTC) trading, giving it the ability to conduct unrestricted USDT transactions.
A Cryptosh official said, "It is significant that we are an exchange that has been officially licensed under the strict regulations of the Indonesian government," and "We will be able to link our own tokens with DeFi services."
Meanwhile, Indonesia recently transferred supervisory authority from Bappebti to the Financial Supervisory Agency (OJK).
The government is currently preparing for the 2020 cryptocurrency exchange, and it is expected that the licensing standards will be further strengthened in the future. In this context, the opening of Cryptosh is being evaluated as the first innovative exchange model within the regulatory framework.