Indonesia recognized Cardano (ADA) as a commodity asset

Cardano lovers are now in full confidence as the fourth highly populated country labelled ADA as a commodity asset. 

Cardano is a popular scalable Proof-of-stake (PoS) crypto network. American entrepreneur Charles Hoskinson founded Cardano, after leaving the Ethereum blockchain project in 2014. He is now working as the CEO of Cardano’s backend engineering team Input Output Hong Kong Global (IOG). 

Recently Crypto Capital Venture founder and popular crypto analyst Dan Gambardello talked about Indonesia’s recently released list of crypto assets, labelled as Commodity tokens under Indonesian laws. 

Gambardello noted that it is going to bring very big support for the Cardano (ADA), as it easily secured the label of Commodity asset in Indonesia.

Gambardello is a big supporter of the Cardano blockchain network, as the network always remains engaged in development activities instead of promotional stunts. 

It is worth it to note that not only ADA coin but also 500 crypto tokens (BTC, ETH, LTC, SOL, XRP, DOT, SAND, UNI, etc) received the commodity label in Indonesia. That means all such listed Crypto are tradable without any panic in Indonesia, as security (non-commodity) crypto tokens use cases are restricted under the jurisdiction of almost every country. 

Crypto tokens under purview of US SEC

In the US, the United States Securities Exchange Commission (SEC) regulates the crypto sector under traditional securities laws and treats the majority of the crypto assets as a security token.

In the first week of this month, the SEC body sued Coinbase & BinanceUS exchanges over alleged unregistered securities offerings. 

In the suits, the SEC body mentioned huge numbers of crypto assets as unregistered security tokens, including ADA coins. After the SEC’s suits, the majority of the Crypto investors are trying to keep their investments away from those mentioned crypto assets and prefer to go with Bitcoin investment only.

Read also: OKX crypto exchange will wind down operations from Japan