Originally scheduled to launch in late 2022, the Indonesian cryptocurrency exchange will now go live in June. Indonesian Trade Minister Zulkifli Hasan made the announcement at the opening of Crypto Literacy Month in Jakarta on Feb. 2. Hassan noted that the government is vetting companies to select those that meet the criteria to join the national exchange.
According to the minister, they aim to launch a cryptocurrency exchange by December 2022. Even during the NXC International Summit in September 2022, Indonesia’s Deputy Trade Minister Jerry Sambuaga reiterated that the country still plans to launch its cryptocurrency exchange. But preparations have run into delays as the government tries to ensure that all requirements, procedures and steps go as planned.
According to local reports, Hassan said that Indonesian regulators have registered five exchanges. The exchanges will operate under the ministry's forthcoming new national cryptocurrency exchange. The national platform will act as a clearinghouse and custodian for the Indonesian cryptocurrency market, facilitating the smooth flow of transactions and monitoring private activity.
The clearing house the minister refers to is the mediator between buyers and sellers, whose role is to ensure that all transactions go smoothly. Furthermore, a national cryptocurrency exchange as a custodian means managing the flow of assets and protecting the interests of buyers and sellers.
Additionally, the trade minister encouraged the public to be patient as they pack their things before launching a cryptocurrency exchange. Rushing without preparation could, in his words, derail their plans. Also, the government intends to avoid anything that would harm the public due to the lack of sufficient knowledge of crypto transactions among the people. Currently, Indonesia’s commodity futures trading regulator, also known as Bappebti, oversees and controls crypto assets in the country. But previous reports said the agency would hand over its authority over digital assets to the Financial Services Authority following the launch of the national exchange.
The decision comes in response to new encryption regulations to be amended by the country's lawmakers on December 15, 2022. Newly approved crypto regulations define cryptocurrencies and other digital assets as regulated financial securities. This means that crypto asset regulation no longer falls under the purview of Bappebti, but rather the oversight of the Financial Services Authority. Indonesia remains a relatively pro-cryptocurrency country. Crypto payments were banned in the country in 2017, but trading in digital assets remains legal.
Bank Indonesia Governor Perry Warjiyo announced on December 5, 2022 that the top bank plans to launch its digital currency. Perry said the new CBDC will be the country’s only digital legal tender.
However, the launch of a national cryptocurrency exchange could change the Indonesian market and increase mainstream adoption.
