The government of Indonesia is making significant strides towards the launch of its national cryptocurrency exchange.The Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, is leading the efforts to establish this platform, which is set to debut in the coming weeks.With discussions on stock exchange rules and system integration tests already underway, Indonesia is paving the way for a regulated and integrated cryptocurrency market.According to reports from local news agency Tempo, Bappebti plans to launch the national crypto exchange in July 2023. The agency aims to create a regulated environment where all cryptocurrency transactions can only occur through this platform.Bappebti head Didid Noordiatmoko emphasized the importance of complying with Know Your Customer (KYC) procedures during the discussions on stock exchange rules. By implementing these measures, the exchange aims to enhance transparency and security.Trading on the national crypto exchange will be facilitated through an integrated application, as per the CFTRA's testing. This application will connect traders, exchanges, clearing, and depository services, streamlining the trading process for users.Bappebti plans to restrict cryptocurrency sales to local transactions while aligning with international market developments. This approach ensures that the exchange remains adaptable to global crypto prices, subject to Bappebti's approval.Bappebti has informed Trade Minister Zulkifli Hasan about the exchange's development. Upon receiving the necessary approvals, the agency will issue permits, granting licensed traders one month to join the exchange. This process aims to encourage market participation and ensure a diverse ecosystem.The initiative to establish the national cryptocurrency exchange began in 2021 when a state-backed telecom firm joined forces with Binance for a joint venture.Although the initial target launch was December 2022, delays pushed it to June 2023. Now, with the upcoming July launch, Indonesia is poised to take a significant step in its cryptocurrency journey.The post <a rel="noopener noreferrer nofollow" href="https://optimisus.com/news/crypto-news/indonesia-set-to-launch-national-crypto-exchange-in-july-2023-a-major-step-forward-in-digital-finance/">Indonesia Set to Launch National Crypto Exchange in July 2023: A Major Step Forward in Digital Finance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://optimisus.com">Optimisus</a>.

Indonesia Set to Launch National Crypto Exchange in July 2023: A Major Step Forward in Digital Finance

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