The Indonesian government is making progress in its plans to introduce a national cryptocurrency exchange and is expected to unveil the platform in the coming weeks, according to media reports. The country’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, is spearheading the launch, which is scheduled for July 2023.
Didid Noordiatmoko, the head of Bappebti, disclosed that all cryptocurrency transactions would be exclusively conducted through the national exchange. He further stated that discussions have been held to establish stock exchange regulations, with a particular focus on implementing Know Your Customer (KYC) procedures.
Notably, trading on the exchange will be facilitated through an integrated application that has already undergone successful testing, as confirmed by the CFTRA.
In an effort to align with global market developments, Bappebti intends to limit cryptocurrency sales to local transactions while closely monitoring international trends. The agency will have the authority to approve crypto prices, ensuring they remain in compliance with regulations.
These measures were recently conveyed to Trade Minister Zulkifli Hasan, and pending any further instructions, Bappebti will proceed to issue the permit. Licensed traders will then have one month to join the exchange, as per Didid’s statements.
Originally slated for December 2022, the national cryptocurrency exchange project experienced delays, pushing the launch date to June 2023. The initiative was initially set in motion last year when a state-backed telecom firm in Indonesia partnered with Binance to establish a joint cryptocurrency exchange. Binance later increased its stake in Indonesian crypto asset trader Tokocrypto in late 2022, solidifying its involvement in the country’s digital asset landscape.
By centralizing cryptocurrency transactions and implementing robust KYC procedures, the government aims to promote transparency and security within the sector. With the imminent launch of the exchange, Indonesia is positioning itself as a proactive player in the evolving global cryptocurrency ecosystem.
