When it comes to peer to peer bitcoin trading, Venezuela has been breaking its own record on Localbitcoins on a weekly basis. Following in its footstep is Indonesia.
Data From Coin Dance
According to recent data from Coin Dance, a platform which keeps track of the weekly Localbitcoins volumes across multiple countries, there has been an increase in the number of Bitcoin trading transaction coming from Indonesia. The trading volume normally recorded for the region saw a major spike in the last seven days. A spike of up to 300 percent in volume was recorded for the region.
Localbitcoins, which is a peer to peer bitcoin exchange platform, allows for an individual exchange of bitcoins without getting a third-party involved in the operation.
According to the Coin Dance data, traders in Indonesia exchanged more than 10.3 billion rupiah ($730,000) last week (ending on Feb 16). The record for the previous week is said to be 4.5 billion ($319,000). The new record more than doubles the previously set record.
This huge spike in trading volume is said to coincide with an announcement from Indonesia’s Commodity Futures Trading Regulatory Agency, also known as Bappebti. The agency now requires all exchanges to comply with AML/ KYC laws. This is part of the country’s plans to legalise crypto as a tradeable commodity.
Prior to that, the agency imposed a minimum startup capital requirement for cryptocurrency futures operators. This doesn’t sit well with a member of the country’s crypto community. With the newly imposed capital requirement, it is actually cheaper to open a bank in the country.
New Regulations That Will Affect Localbitcoins
According to a recent report from Localbitcoins executives, the service is going to be making some changes in line with incoming EU directives. These new directives would soon mean “major changes” for all Localbitcoins users regarding identity verification. These new directives are expected to get released in March 2018 and it will likely lead to “large-volume” accounts getting forced into providing ID details.