The platform, under local regulators’ supervision, will be the sole authorized space in the country for legal digital asset exchanges.
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The Indonesian government’s national cryptocurrency exchange, announced a week ago, has commenced operations, as confirmed by the country’s Commodity Futures Trading Supervisory Agency (Bappebti). This platform will serve as the exclusive space in Indonesia for legally exchanging digital assets.
Bappebti officially confirmed the exchange’s opening on July 20 and concurrently established a futures clearing house along with it. This clearing house will facilitate transactions between buyers and sellers, ensuring smooth operations.
As reported earlier, Bappebti plans to restrict cryptocurrency sales to local transactions, while aligning with international market developments. Licensed traders have a one-month window to join the exchange.
The project has been under development since at least December 2021. Pang Hue Kai, the CEO of Tokokrypto, one of Indonesia’s 25 licensed crypto exchanges, partly owned by Binance, referred to the project as a significant catalyst for the Indonesian crypto ecosystem in September 2022.
Exchange Launch Delayed and Eligibility Criteria
Originally scheduled for the end of 2022, the launch of the exchange was postponed to June 2023 due to the review process of potential participants. During this time, Trade Minister Zulkifli Hasan announced that all active crypto exchanges with national registration would be eligible to join the exchange.
In 2022, Jerry Sambuaga, the deputy minister of Indonesia’s Ministry of Trade, proposed policy changes in response to the significant growth in physical trading of crypto assets. One of the suggestions was to mandate that two-thirds of directors and commissioners at crypto firms must be Indonesian citizens.
Based on Bappebti data, Indonesia continues to be an appealing market for the crypto industry. In 2021, approximately 4% of the country’s population, comprising just under 11 million people, had invested in cryptocurrencies.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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