The Indonesian government is making progress on its plans to launch a national cryptocurrency exchange and expects to introduce the platform in the coming weeks. The country's Commodity Futures Trading Regulatory Agency (Bappebti), also known as CFTRA, is set to launch the exchange ange in july 2023, according to local news agency Tempo.
Didid Noordiatmoko, the head of Bappebti, stated that all cryptocurrency transactions in Indonesia will be conducted exclusively through national exchanges. The regulatory agency has finalized stock exchange rules and discussed important procedures such as know-your-customer (KYC) protocols. Trading on the exchange will be facilitated through an integrated application that CFTRA has already tested.
System integration tests have been conducted between traders, exchanges, clearing houses, and customers, according to Didid. The agency aims to limit cryptocurrency sales to local transactions while aligning with international market developments. If approved by Bappebti, the exchange will address questions regarding cryptocurrency prices.
Bappebti has also provided an update to Trade Minister Zulkifli Hasan regarding the development. Didid mentioned that unless instructed otherwise, Bappebti will grant licenses, giving traders one month to join the exchange. The Ministry of Trade initially aimed to launch the national cryptocurrency exchange in December 2022 but faced delays.
The plan for a national exchange was initiated in 2021 when a state-backed telecommunications company in Indonesia announced a joint venture with Binance to establish a cryptocurrency exchange. Binance later increased its stake in Tokocrypto, an Indonesian crypto asset trader, at the end of 2022 .
