The Indonesian government is planning to launch a national crypto exchange. According to local news agency Tempo, Indonesia’s Futures and Commodity Trading Regulatory Agency (Bappebti) intend to introduce this trading platform before the end of July 2023.
Didid Noordiatmoko, Bappebti’s head, stressed that once the exchange is active, all crypto transactions in the country will be done exclusively through this platform. Notably, 501 cryptocurrencies have been approved for trading on the exchange. This centralized system aims to coordinate and regulate crypto activities.
The official said they have discussed and agreed on the rules for the stock exchange. In particular, KYC (Know Your Customer) was the focus of the discussion. Moreover, Didid mentioned that trading on the exchange will be available through an integrated application. CFTRA has already tried and tested it.
In July 14 report, Didid said:
“Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository.”
Moreover, the authority has a plan to limit the sales of crypto assets to local transactions. According to officials, they want to ensure these transactions align with international market developments.
Governments Show Growing Interest In Crypto
This is not the first time that Indonesia is considering launching a national crypto exchange. The initiative began in 2021 when the owners of a government-supported telecom company in Indonesia partnered with the most prominent digital asset service provider, Binance. Together, they planned to create a joint cryptocurrency exchange platform.
Last year, the Indonesian government signaled the exchange launch before the year’s end. The decision was made after considering the increase in the number of Indonesians attracted to cryptocurrencies. Jerry Sambuga, the country’s deputy trade minister at the time, confirmed that most of the work had been completed.
Jerry said they would ensure all the procedures, requirements, and steps are taken. It’s proof that we care and don’t want to rush because it could cause us to miss something, he added.
Earlier this year, Indonesia’s Ministry of Trade announced the plans to launch the exchange in June. However, as of June, no national crypto firm has been introduced. Many analysts and industry stakeholders eagerly await the project launch, which is expected in July.