Indonesia is taking significant strides towards the launch of its national cryptocurrency exchange, as reported today. The government is optimistic about introducing the platform within the upcoming weeks.
The Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, has disclosed its plans to unveil the national crypto exchange in July 2023, according to local news agency Tempo.
Exclusive Platform for Crypto Transactions
Bappebti’s head, Didid Noordiatmoko, confirmed that all cryptocurrency transactions would exclusively take place through the national exchange. In a recent statement, the official mentioned that the agency has finalized the stock exchange regulations, including discussions on Know Your Customer (KYC) procedures.
Furthermore, Didid highlighted that the exchange would offer trading through an integrated application, which has already undergone successful testing.
The news agency reported that Bappebti recently conducted system integration tests involving traders, exchanges, clearing, and depository services. Didid expressed satisfaction with the results of these tests and stated that the agency aims to maintain local transactions while aligning with international market developments. It was also emphasized that the approval of crypto prices by Bappebti would play a crucial role in this regard.
Permit Process and Timeline
Bappebti has informed Trade Minister Zulkifli Hasan about the progress made with the national crypto exchange. According to reports, once there are no further instructions, the agency will proceed to sign the permit. Licensed traders will then have one month to join the exchange, as explained by Didid.
Initially scheduled for December 2022, the launch of Indonesia’s national cryptocurrency exchange faced delays. The Ministry of Trade had aimed for a June 2023 release, which is now set to take place in July.
The project originated in 2021 when a state-backed telecom firm in Indonesia joined forces with Binance to establish a joint cryptocurrency exchange. Later on, Binance increased its shareholding in the Indonesian crypto asset trader Tokocrypto in late 2022.