- Indonesian government progressing towards launching national cryptocurrency exchange by July 2023.
- All cryptocurrency transactions will be conducted exclusively through the national exchange, according to Bappebti.
- Bappebti aims to align domestic cryptocurrency sales with international market trends, pending approval and permits.
According to a recent report by Tempo, Indonesia’s government is making progress in its efforts to establish a national cryptocurrency exchange and anticipates that the platform will be launched in the near future. The Commodity Futures Trading Supervisory Agency (CFTRA), commonly known as Bappebti, has outlined its plans to introduce the national crypto exchange in July 2023.
According to reports, the head of Bappebti, Didid Noordiatmoko, has stated that all cryptocurrency transactions will be exclusively conducted through the national exchange. In a recent discussion, the official mentioned that the regulations for the stock exchange have been finalized, including considerations for Know Your Customer (KYC) procedures. Didid also highlighted that trading on the exchange will be facilitated through a unified application, which has already undergone testing by CFTRA.
Furthermore, Didid said,
Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository.
Didid Noordiatmoko
Additionally, as per reports, the official also highlighted that Bappebti intends to limit cryptocurrency sales to domestic transactions while aligning them with international market trends. This would involve addressing concerns regarding cryptocurrency prices, subject to approval by Bappebti. The report mentioned that Bappebti has informed Trade Minister Zulkifli Hasan about these advancements. If there are no further directives, Bappebti plans to issue the permit, allowing licensed traders to join the exchange within one month, according to Didid’s statements.
As mentioned earlier, the Ministry of Trade in Indonesia had initially set a goal to inaugurate the national cryptocurrency exchange in June 2023. Initially, the target date was December 2022, but the project encountered a delay.
The inception of this endeavor traces back to 2021 when the proprietors of an Indonesian state-backed telecommunications company disclosed their collaboration with Binance to establish a joint cryptocurrency exchange. Later in 2022, Binance elevated its ownership stake in the Indonesian crypto asset trader Tokocrypto.
