The crypto market is witnessing notable growth as more governments are beginning to embrace digital assets. Indonesia has recently joined the trend, announcing the launch of its own national cryptocurrency exchange. The Commodity Futures Trading Supervisory Agency [CFTRA] officially started the exchange’s operations on July 20, marking a significant moment in the country’s financial history.
Initially announced for a launch by the end of 2021, the government faced delays. The most recent delay was encountered in February 2023. Nonetheless, the Nasdaq-style cryptocurrency exchange finally commenced its operations on July 17.
The CFTRA decree, which is part of the exchange setup, involves the creation of a Futures Clearing House. An essential intermediary tasked with ensuring seamless transactions between buyers and sellers. Didid Noordiatmoko, head of Indonesia’s Commodity Futures Trading Supervisory Agency [Bappebti] commented about this launch and said,
“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 fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers.”
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What about the existing exchanges in Indonesia?
Indonesia had around 383 tradable crypto assets and 10 local coins at the start of the year. During the same time, Bappebti was in the process of reviewing an additional 151 assets and 10 coins.
However, the latest platform is the now sole authorized platform for legal crypto exchange in the country. Nevertheless, this platform’s regulatory framework seeks to harmonize domestic transactions with international market developments. The exchange has given licensed traders a one-month period to register, expecting the existing crypto community in Indonesia to respond quickly.
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