The Indonesian government is pushing ahead with plans to launch a national cryptocurrency exchange in July 2023, according to media reports.
The Commodity Futures Trading Supervisory Agency (Bappebti), Indonesia’s commodities regulator, aims to debut the crypto exchange next month. Bappebti head Didid Noordiatmoko said all cryptocurrency transactions in Indonesia will be facilitated through the upcoming national exchange.
Didid revealed that Bappebti has already finalized the exchange’s rules and regulations and conducted system integration tests with traders, exchanges, clearing firms and custodians. The official indicated that the exchange will require Know-Your-Customer (KYC) verification processes and offer trading through an integrated app.
While the exchange will facilitate crypto transactions within Indonesia, Didid said it will remain in line with international market developments to determine prices for cryptocurrencies, subject to Bappebti’s approval.
Bappebti has reportedly informed Indonesia’s Trade Minister Zulkifli Hasan of the plan. Barring any objections, Bappebti will grant the required license for the exchange, giving traders one month to join the platform.
The initiative to launch a national cryptocurrency exchange began in 2021 with a joint venture between a state-run telecom firm and Binance. In 2022, Binance increased its stake in Indonesian crypto exchange Tokocrypto.
The launch of the exchange aims to provide a regulated platform for cryptocurrency trading in Indonesia and oversee crypto activities to mitigate risks. However, it remains to be seen what impact the national exchange will have on the existing crypto ecosystem in the country.
With Indonesia launching the national crypto exchange in July, it will join a growing list of countries establishing regulated platforms for cryptocurrency trading and investments.