Indonesia Set to Launch Crypto Exchange in July: Reports

Indonesia is making significant progress towards the launch of its national cryptocurrency exchange, with plans to unveil the platform in the coming weeks.

According to a report by local news agency Tempo on July 14, Indonesia’s Commodity Futures Trading Supervisory Agency (CoFTRA), also known as Bappebti, is preparing to introduce the national crypto exchange in July 2023.

Didid Noordiatmoko, the head of Bappebti, revealed that all cryptocurrency transactions will be required to take place exclusively through the upcoming national exchange. He stated that discussions have already taken place regarding the regulation of Know Your Customer (KYC) processes, and trading on the exchange will be facilitated through an integrated application that has already undergone testing.

Integration tests were conducted between traders, exchanges, clearing, and depository services, according to Didid. The objective is to ensure a seamless and secure trading experience on the platform.

Bappebti plans to restrict cryptocurrency sales to local transactions while aligning them with international market developments. Crypto prices will be subject to approval by Bappebti, ensuring regulatory oversight and stability.

The progress on the national exchange development has been communicated to Trade Minister Zulkifli Hasan, and once no further instructions are received, Bappebti will proceed to issue permits. Licensed traders will have one month to join the exchange after obtaining the necessary permits.

The initial target for launching the national cryptocurrency exchange was December 2022, but it was subsequently delayed. The Ministry of Trade had previously aimed for a June 2023 launch.

The initiative took shape in 2021 when the owners of a state-backed telecom firm in Indonesia announced a joint venture with Binance to establish a cryptocurrency exchange. In late 2022, Binance increased its shareholding in Tokocrypto, an Indonesian crypto asset trader, further solidifying its presence in the country’s crypto ecosystem.

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