• Indonesia is planning to launch a national crypto exchange by June 2023.
• The exchange will include five licensed platforms and will be regulated by the Commodity Futures Trading Regulatory Agency.
• The government has identified five active, registered exchanges from a list of 25 for the role.
Indonesia to Unveil National Crypto Exchange
The Indonesian government is set to roll out its national crypto exchange before the end of June this year. According to Trade Minister Zulkifli Hasan, the new timeline comes after delays forced authorities to push back the original planned launch date at the end of 2022.
To ensure that everything is in place before launching the bourse, lawmakers in Indonesia’s House of Representatives passed the Financial Sector Development and Reinforcement Bill in December 2020. Referred to as the omnibus law, it serves as primary legal reference for regulating digital asset exchanges within Indonesia’s broader financial services industry.
In preparation for launching its national crypto exchange, authorities have undertaken a review process of potential digital asset exchanges that could join their platform. Out of 25 listed exchanges, five active and registered ones have been selected for their role in this project.
Trade Minister Zulkifli Hasan stressed that every measure must be taken to ensure public safety when trading cryptocurrencies as many are still learning about them. Thus, he believes rushing into launching the bourse may lead to harm caused by this very initiative designed to protect them.
Growing Crypto Community
Indonesia is one of many countries witnessing rapid growth in its cryptocurrency community due primarily to favorable regulations and greater public awareness on blockchain technology and digital assets trading activities .