Key takeaways:
- Indonesia’s Commodity Futures Trading Supervisory Agency has released a statement confirming the operation of the national cryptocurrency exchange.
- The platform will be the sole location in the nation where the trade of digital assets will be permitted legally.
The country’s Commodity Futures Trading Supervisory Agency, or Bappebti, has released a statement confirming the operation of the national cryptocurrency exchange that the Indonesian government had declared a week earlier.
The inauguration of the exchange on July 20 was confirmed by Bappebti. Along with the exchange, the agency also set up a futures clearing house. A clearing house acts as a middleman between a buyer and a seller, facilitating a seamless transaction.
The platform will be the sole location in the nation where the trade of digital assets will be permitted legally. The head of the Indonesian Bappebti, Didid Noordiatmoko, issued the following statement to the media:
“The establishment of exchanges, clearing houses and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers,”
It was previously said that Bappebti would limit cryptocurrency sales to domestic trade while keeping them in step with global market trends. A month will be given for authorized traders to join the exchange.
Since at least December 2021, the project has been in development. In September 2022, the initiative was referred to as “a catalyst for the Indonesian crypto ecosystem” by Pang Hue Kai, CEO of Tokokrypto, one of 25 licensed cryptocurrency exchanges in Indonesia that Binance partially controls.
The exchange’s potential members were being evaluated, which caused the debut, which was initially scheduled for the end of 2022, to be postponed until June 2023. Zulkifli Hasan, the nation’s trade minister, declared at the time that all operating cryptocurrency exchanges with national registration might join the exchange.
In response to 2022 being an intriguing year for the “development of physical trading of crypto assets,” Indonesia’s deputy minister of trade, Jerry Sambuaga, proposed several policy adjustments. One of them stipulated that at least two-thirds of the directors and commissioners of cryptocurrency companies must be Indonesian residents.
Data from Bappebti indicates that the nation is still a desirable market for the crypto business. In 2021, little under 11 million people, or 4% of the total population of the nation, had invested in cryptocurrencies.
