As the United States intensifies its efforts to regulate crypto assets, various countries actively seek ways to address the matter. In this context, Indonesia has demonstrated its forward-thinking approach by pioneering a national cryptocurrency exchange, positioning itself at the forefront of the evolving landscape.
According to the local news outlet Tembo, the Indonesian Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, will establish the country’s cryptocurrency exchange in July 2023.
According to Didid Noordiatmoko, the head of Bappebti, the national exchange will be the only authorized platform for cryptocurrency transactions. The agency has agreed on the stock exchange regulations and has mandated Know Your Customer (KYC) procedures.
Noordiatmoko also mentioned that the regulatory authorities have successfully concluded the system integration tests involving traders, clearings, exchanges, and depositories.
As we previously reported, June 2023 was the planned opening date for Indonesia’s national cryptocurrency exchange. Bappebti chose to delay it even though it had already been delayed twice from its initial goal of December 2022.
Prioritizing Domestic Transactions
Bappebti plans to restrict cryptocurrency sales to domestic transactions while ensuring they align with global market trends. If Bappebti approves these measures, they will also cover crypto prices.
Bappebti has informed the trade minister, Zulkifli Hasan, about this development. Without further instructions, Noordiatmoko stated that Bappebti would authorize the regulations, granting licensed traders a one-month window to participate in the exchange.
In accordance with Noordiatmoko’s most recent declaration, the FSA, a securities agency, will soon acquire regulatory control over these assets. This move has been hailed as a bold step by the crypto community.
It is worth noting that in June, 501 cryptos, including Bitcoin, Ethereum, Solana, and Chainlink, were legalized for trading in Indonesia. Also, the country utilizes blockchain technology and NFTs for preserving its cultural heritage. These two big steps are now supported by the launch of the national crypto exchange.
We hope that other countries will embrace Web3 technologies to improve their economy and society.