The Indonesian government recently launched the country’s first national cryptocurrency exchange along with a futures clearing house for the settlement of trades in the physical crypto asset market. The exchange was launched to facilitate the legal exchange of crypto assets by retail investors in the country.
According to a press release by Bappebti, Indonesia’s Commodity Futures Trading Regulatory Agency, the national cryptocurrency exchange went live on July 20, 2023. The launch came just days after local news agency Tempo reported that the commodities regulator was planning to unveil the exchange this month.
As per Tempo’s report, Bappebti Chief Didid Noordiatmoko previously stated that all crypto transactions in the country would be facilitated through the new crypto exchange. Furthermore, the regulator stated that crypto sales would be restricted to local transactions, to be compliant with international market developments.
Speaking on the latest development, Bappebti Chief Didid Noordiatmoko stated:
The establishment of exchanges, clearing houses, and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers.
Reports of an Indonesian crypto exchange first emerged in late 2021 when the world’s largest crypto exchange Binance entered a joint venture with a local telecom player. The exchange’s partnership with state-owned MDI ventures aimed to further blockchain adoption in the country and set up a “bourse” or a digital asset exchange.
Deputy Trade Minister Jerry Sambuaga stated in September last year that the launch of the crypto bourse was delayed due to additional preparations associated with the exchange. Following the turmoil in the crypto market over the past year, Minister Sambuaga suggested a change in policy at the time, which included a requirement for the majority of commissioners and directors at the country’s crypto firms to be Indonesian nationals.
