Indonesia targets the launch of its national crypto exchange by June

Indonesia targets the launch of its national crypto exchange by June

The Indonesian Ministry of Trade is reportedly planning to launch a national cryptocurrency exchange by June of this year, six months later than its previous goal of December 2022. 

According to local reports, Trade Minister Zulkifli Hasan announced the new target launch date on February 2 at the start of Crypto Literacy Month in Jakarta, noting that the government is currently reviewing which companies meet their criteria to become part of the exchange.

There are currently five active crypto exchanges registered with the country’s regulators, and the ministry’s crypto exchange, according to Zulkifli, could include all of them. 

While these exchanges currently facilitate all trades within the country, the ministry’s exchange would serve as a clearing house and custodian in the local cryptocurrency market. 

A clearing house acts as a go-between for a buyer and seller, ensuring that the transaction goes smoothly. At the same time, a custodian would oversee the transfer of assets between the two parties. 

“Let us not rush because if it is not ready, things will get messy,” the trade minister said of the national cryptocurrency exchange. The government does not want this to have a large impact on the public because most people do not understand [crypto trading].” 

Indonesia had planned to launch its cryptocurrency exchange by the end of 2022, but it was pushed back due to a number of roadblocks.

The country’s crypto assets are currently traded alongside commodity contracts and supervised by the Commodity Futures Trading Regulatory Agency, also known as Bappebti, but the regulatory authority will be transferred to the Financial Services Authority following the establishment of a national exchange.

The regulatory shift follows the ratification of new crypto regulations on December 15, which recognise crypto and other digital assets as regulated financial securities.

On December 5, Bank of Indonesia Governor Perry Warjiyo announced that the central bank’s planned digital currency would be the country’s only digital legal tender.

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