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The Indonesian government is making progress in its plans to establish a national cryptocurrency exchange and is preparing to launch the platform in the coming weeks.
Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, is scheduled to launch the national crypto exchange in July 2023, as reported by local news agency Tempo on July 14.
Bappebti’s head, Didid Noordiatmoko, revealed that all cryptocurrency transactions would be exclusively permitted through the national exchange. He mentioned that discussions involved Know Your Customer (KYC) procedures, indicating a focus on compliance and regulatory measures. Additionally, trading on the exchange would be facilitated through an integrated application, which has already undergone testing by CFTRA.
Didid stated, “Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository,” according to the news agency.
Moreover, Bappebti is planning to restrict cryptocurrency sales to local transactions while aligning with international market developments. This includes the consideration of crypto prices, subject to Bappebti’s approval.
Bappebti has also informed Trade Minister Zulkifli Hasan about the development. Assuming there are no further instructions, Bappebti is set to issue the permit, allowing licensed traders one month to join the exchange, as reported by Didid.
Previously, the Ministry of Trade in Indonesia had aimed to launch the national cryptocurrency exchange in June 2023, following a delayed project. The initiative began in 2021 when the owners of a state-backed telecom firm in Indonesia announced a joint venture with Binance to establish a cryptocurrency exchange. Subsequently, Binance increased its shareholding in the Indonesian crypto asset trader, Tokocrypto, in late 2022.
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