Indonesia’s government is progressing with its plans to introduce a national cryptocurrency exchange and expects to unveil the platform in the coming weeks. According to local news agency Tempo, Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, is set to launch the national crypto exchange in July 2023.
Bappebti’s head, Didid Noordiatmoko, confirmed that all cryptocurrency transactions would only be allowed to occur through the national exchange. He stated that discussions have taken place regarding the exchange’s regulations, including Know Your Customer (KYC) procedures. The trading on the exchange will be facilitated through an integrated application that has already undergone testing.
Didid further mentioned that Bappebti plans to restrict cryptocurrency sales to local transactions while aligning them with international market developments. This would include considerations such as crypto prices, subject to Bappebti’s approval.
Bappebti has informed Trade Minister Zulkifli Hasan about the progress, and if there are no further instructions, Bappebti will issue the permit. Licensed traders will then have one month to join the exchange, according to Didid.
Previously, Indonesia’s Ministry of Trade aimed to launch the national cryptocurrency exchange in June 2023. The project faced delays after initially targeting December 2022.
The initiative began in 2021 when a state-backed telecom firm in Indonesia announced a joint venture with Binance to establish a national cryptocurrency exchange. Later on, Binance increased its ownership in the Indonesian crypto asset trader Tokocrypto.
Once launched, the national cryptocurrency exchange will become the sole platform in Indonesia for conducting crypto transactions, as confirmed by the local regulatory authority. This move showcases Indonesia’s commitment to embracing and regulating the cryptocurrency industry within its borders.
