Indonesia is moving forward with its plans to launch a national cryptocurrency exchange, set to be introduced in the coming weeks.
Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti) is set to launch the country’s national cryptocurrency exchange, which will become the exclusive platform for crypto transactions in the nation, as reported by local news agency Tempo.
According to Bappebti head Didid Noordiatmoko, all cryptocurrency transactions in Indonesia will be exclusively conducted through the national exchange. Discussions on stock exchange rules and the implementation of Know Your Customer (KYC) procedures have been held. The exchange will provide trading through an integrated application, which has already undergone testing.
Bappebti has confirmed the completion of system integration tests between traders, exchanges, clearing, and depository. The agency’s goal is to restrict cryptocurrency sales to local transactions while maintaining alignment with international market developments. Additionally, Bappebti will be responsible for approving crypto prices for trading on the exchange.
Indonesia’s national crypto exchange: a work in progress:
Bappebti, Indonesia’s regulatory agency, has updated Trade Minister Zulkifli Hasan on the progress of the national cryptocurrency exchange. Once no further instructions are received, the agency will issue the necessary permit, enabling licensed traders to join the exchange within a month, according to Didid.
Originally planned for December 2022, the establishment of Indonesia’s national crypto exchange faced delays. The initiative started in 2021 when a state-backed telecom firm partnered with Binance to create a joint cryptocurrency exchange. In late 2022, Binance increased its shareholding in the Indonesian crypto asset trader Tokocrypto.
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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