Indonesia Set to Launch National Crypto Exchange in June

Overview of the Article

  • Indonesia is set to unveil a national crypto exchange by June 2023.
  • The exchange will have five active, licensed platforms.
  • The omnibus law passed in December governs the regulatory oversight of crypto exchanges.

Launch of National Crypto Exchange in Indonesia

Indonesia is preparing to launch its national crypto exchange before June 2023. Initially, the country planned to roll out the bourse before the end of 2022. This timeline was pushed back due to delays and additional developments such as authorities suspending the licensing of new exchanges. The government has identified five active, registered exchanges from a list of 25 for the role.

Regulatory Framework

Crypto assets trading in Indonesia falls under the purview of the Commodity Futures Trading Regulatory Agency. In December, lawmakers in Indonesia’s House of Representatives passed a financial sector development and reinforcement bill referred to as an omnibus law which serves as primary legal reference for broader financial services industry including regulation of crypto exchanges.

Trade Minister’s Statement

Trade Minister Zulkifli Hasan noted that there is need for everything to be done correctly with regards to launching this project so that public who are learning about crypto trading are not harmed by it.

Growth Of Crypto Community In Indonesia

Indonesia has one of the fastest growing cryptocurrency communities and is taking steps towards regulating digital asset trading which could help enhance trust and encourage wider adoption both locally and internationally.