Indonesia Is Expected To Launch A Cryptocurrency Stock Exchange Later This Year

According to a media report, Indonesia’s deputy commerce minister Jerry Sambuaga stated that the country would create a crypto stock market before the end of this year.

According to a top executive, the Indonesian government plans to open a cryptocurrency exchange by the end of 2022 as part of steps to protect consumers despite increased interest in digital currencies.

Due to complications in the procedure, Indonesia had previously announced a 2021 launch but amended it to the first quarter of 2022. According to the minister, establishing a crypto stock exchange requires preparations, validations of firms that will be included, and minimum capital requirements.

Jerry Sambuaga noted that the delay could not be attributed to any significant problem:

“We will make sure that every requirement, procedure, and the necessary steps have been taken.”

The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), which oversees cryptocurrency trading in the Southeast Asian country, ceased providing registration certificates for crypto asset traders last month.

Under Bappebti, Indonesia has approximately 25 licensed crypto trading companies, including the troubled crypto exchange Zipmex.

According to Bappebti data, crypto transactions in Indonesia totaled 859.4 trillion rupiahs ($57.7 billion) in 2021, up from 64.9 trillion rupiahs in 2020.

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