Indonesia Plans To Launch Its Own Crypto Exchange In 2023

Key Points:

• In conjunction with broader financial sector reform, Indonesia intends to launch a national cryptocurrency exchange.
• The Commodity Futures Trading Regulatory Agency of Indonesia, Bappebti, is in charge of overseeing cryptocurrency assets. According to Didid Noordiatmoko, acting head of Bappebti, the Financial Services Authority will take over cryptocurrency regulation over the course of the next two years.
• Noordiatmoko said that by the time the agencies switch regulatory authority over cryptocurrency, the national cryptocurrency exchange needs to be established.

Before giving the Financial Services Authority, rather than a commodities agency, regulatory authority over such assets, Indonesia aims to establish a cryptocurrency exchange this year, as per reported by Bloomberg.

The Commodity Futures Trading Regulatory Agency of Indonesia, Bappebti, is in charge of overseeing cryptocurrency assets. According to Didid Noordiatmoko, acting head of Bappebti, the Financial Services Authority will take over cryptocurrency regulation over the course of the next two years.

With another 151 assets and 10 local coins being evaluated by Bappebti, there are currently 383 crypto assets and 10 local coins that can be traded in Indonesia.

By the time the agencies switch regulatory authority over cryptocurrency, the national cryptocurrency exchange needs to be established, Noordiatmoko noted.

Despite being apprehensive of cryptocurrencies competing with the rupiah, the only legal cash in the nation, Indonesia has been supportive of cryptocurrencies. A recently passed law classifies cryptocurrencies and other digital assets as regulated financial securities, and the central bank has published a white paper outlining its digital currency.

In Indonesia, there were 16 million cryptocurrency investors in the first eleven months of the year, up from 11.2 million at the end of 2021, according to the Bloomberg report. During that time, trading value decreased from the 859 trillion rupiah witnessed the year before to about 300 trillion rupiah ($19.2 billion).

Last November, after the FTX disaster spread, Indonesia asked local cryptocurrency exchanges to stop supporting the FTX Exchange Token (FTT).

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