Indonesia, a nation that’s been gradually embracing the crypto revolution, has just achieved a remarkable milestone. This is with the launch of its national cryptocurrency exchange and futures clearing house.
The platform will be the exclusive space for the legal exchange of digital assets within Indonesia. Notably, it is regulated by the country’s Commodity Futures Trading Supervisory Agency (Bappebti),
Indonesia’s Crypto Exchange Goes Live
On July 20, Bappebti officially announced the commencement of its long-awaited national cryptocurrency exchange. The agency has been meticulously working on this project since at least December 2021. After careful consideration of potential participants, the exchange finally became operational in June 2023.
Alongside the crypto exchange, Bappebti has established a futures clearing house to ensure seamless transactions between buyers and sellers. This crucial intermediary further plays a pivotal role in safeguarding the integrity and efficiency of transactions within the crypto market.
Opening Doors to Licensed Traders
Additionally, licensed traders in Indonesia have been granted a golden opportunity to join the newly launched crypto exchange. The window of opportunity is open for one month, encouraging all active crypto exchanges with national registration to participate.
The project’s significance in advancing Indonesia’s crypto ecosystem was highlighted by Pang Hue Kai, the CEO of Tokokrypto – one of 25 licensed crypto exchanges in Indonesia, partly owned by Binance. He had earlier called the initiative a “catalyst” for the nation’s crypto industry.
Policy Changes in Response to the Crypto Market’s Growth
The rising interest in the development of physical crypto asset trading in Indonesia prompted the deputy minister of the Ministry of Trade, Jerry Sambuaga, to propose several policy changes. Among them, a notable requirement suggested that two-thirds of directors and commissioners at crypto firms should be Indonesian citizens.
Bappebti data further reveals that Indonesia continues to be an attractive market for the crypto industry. In 2021, nearly 11 million people, constituting approximately 4% of the country’s population, had invested in cryptocurrencies.
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