Indonesia Crypto exchange to go live by June 2023 which work under the new National Crypto Exchange
Indonesia’s Ministry of Trade plans to launch a national cryptocurrency exchange by June 2023, six months later than its previous deadline of December 2022. Zulkifli Hasan, Indonesia’s Trade Minister, announced Indonesia’s Crypto exchange on February 2 during the opening ceremony of Crypto Literacy Month in Jakarta.
According to Hasan, the government is conducting a review to select companies that meet the criteria for participation in the national exchange. The Indonesian Commodity Futures Trading Regulatory Agency, or Bappebati, currently oversees and regulates crypto assets in the country. However, previous reports stated that the agency would hand over control of digital assets to the Financial Services Authority following the launch of the national exchange. The ministry’s exchange will serve as a clearing house and custodian in the local crypto market according to reports. So far, the report says the Indonesia Crypto exchange is to go live by June 2023.
According to local media, Hassan stated that five exchanges have already been registered with Indonesian regulators. These exchanges will function as part of the ministry’s new National Crypto Exchange, which is about to go live. The national platform serves as a clearing house, which means an intermediary between buyers and sellers and custodians, who manage asset flows and protect the interest of both buyers and sellers in the Indonesian crypto market, facilitating smooth trades and monitoring private individuals’ activities. Cryptocurrency and other digital assets are defined as regulated financial securities in the newly ratified crypto regulations. This means that crypto asset regulations are no longer under Bappebati’s jurisdiction, but are instead overseen by the Financial Services Authority. Sum Sastrosuwito, head of the Ministry of National Finance’s Ministry of Financing and Risk Management, stated that crypto assets have evolved into an investment and financial instrument. According to Suminto, crypto assets as investments and financial instruments require oversight, which Bappebati lacks. Indonesia remains a crypto-friendly country. The country banned cryptocurrency payments in 2017, but digital asset trading remained legal. On December 5, 2022, Bank of Indonesia Governor Perry Warjio announced that the apex bank intends to launch its digital currency. According to Perry, the new CBDC will be the country’s only digital legal tender. The launch of a national crypto exchange, on the other hand, has the potential to transform the Indonesian market and increase mainstream adoption.
