Indonesia is working hard to tap the economic potential of cryptocurrencies and protect users through a rigorous approval process. However, Tuhu Nugraha, head of the Indonesian Applied Digital Economy and Regulatory Network (IADERN), said its licensing framework has raised concerns among stakeholders. Nugraha, who also serves as an advisor to the Indonesian government, sees challenges with the country's physical crypto asset dealer (PFAK) license, which authorizes organizations to conduct cryptocurrency transactions and provide cryptocurrency services. Only a few people hold the license, raising concerns about the emergence of "monopolistic or oligopolistic market conditions". An oligopolistic market is an economic landscape in which only a few companies dominate many companies. In this case, it will be difficult for new companies to break into the market.