According to a statement from the nation’s Commodity Futures Trading Supervisory Agency, known as Bappebti, the national cryptocurrency exchange announced by the Indonesian government a week ago has started operating. The platform will be the sole location in the nation where the trade of digital assets will be permitted legally, under the supervision of local regulators.
The long-awaited national cryptocurrency exchange is now up for business
The inauguration of the exchange on July 20 was confirmed by Bappebti. Along with the exchange, the agency also set up a futures clearing house. A clearing house acts as a middleman between a buyer and a seller, facilitating a seamless transaction. It was previously said that Bappebti would limit cryptocurrency sales to domestic trades while keeping them in step with global market trends. A month will be given for authorized traders to join the exchange.
Given that it is government-approved, the platform resembles a typical stocks market more than a cutting-edge cryptocurrency exchange like Binance or Coinbase, such as the New York Stock Exchange, Nasdaq, or Tokyo Stock Exchange.
Didid Noordiatmoko, head of the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti), said in a statement that:
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 equitable crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers.
In order to run the platform, Bappebti will collaborate with the nation’s Financial Services Authority (OJK), the central bank, and the Ministry of Finance.
Since at least December 2021, the project has been in development. The project was referred to as “a catalyst for the Indonesian crypto ecosystem” by Pang Hue Kai, CEO of Tokokrypto, one of 25 regulated cryptocurrency exchanges in Indonesia that is partially controlled by Binance, in September 2022.
The exchange’s potential members were being evaluated, which caused the debut, which was originally scheduled for the end of 2022, to be postponed until June 2023. Zulkifli Hasan, the nation’s trade minister, declared at the time that all operating cryptocurrency exchanges with national registration might join the exchange.
In response to the “interesting year for the development of physical trading of crypto assets” in 2022, the deputy minister of Indonesia’s Ministry of Trade, Jerry Sambuaga, proposed a number of policy adjustments. One of them stipulated that at least two-thirds of the directors and commissioners of cryptocurrency companies must be Indonesian residents.
Even yet, Indonesia permits investing in the assets even while it forbids the use of cryptocurrencies as a form of payment. According to Bappebti data, the nation is still a desirable market for the cryptocurrency sector. A little under 11 million people, or 4% of the total population, had invested in cryptocurrencies in 2021.
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