Indonesia is accelerating plans to establish its first national cryptocurrency exchange, with the launch anticipated...
Indonesia is accelerating plans to establish its first national cryptocurrency exchange, with the launch anticipated in the upcoming weeks, as confirmed by the country’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti.
Bappebti intends to inaugurate the exchange in July 2023, as reported by local media outlet Tempo. According to Bappebti’s head, Didid Noordiatmoko, the national exchange will be the exclusive platform for cryptocurrency transactions in Indonesia.
The final rules for the stock exchange have been agreed upon, and procedures for customer identification, known as Know Your Customer (KYC) norms, have been part of the discussions.
The CFTRA has tested an integrated application that would facilitate transactions on the exchange. A recent system integration test between traders, exchanges, clearing, and depository has been successfully conducted, according to Noordiatmoko.
Bappebti’s strategy is to restrict the sale of cryptocurrencies to local transactions while keeping pace with global market trends.
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This includes Bappebti-sanctioned cryptocurrency pricing.
Trade Minister Zulkifli Hasan has been updated on the project’s progress. Unless further instructions are received, Bappebti will authorize the permit, allowing licensed traders a month to register with the exchange.
The plan to launch the national cryptocurrency exchange dates back to 2021, beginning as a collaboration between state-backed telecom firm owners and Binance, a major global cryptocurrency exchange. Binance upped its stake in the Indonesian crypto asset trader Tokocrypto in late 2022.
While the original launch target was December 2022, later moved to June 2023, delays have pushed the debut to July 2023.
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