Indonesia to launch crypto exchange as country reforms regulations

According to recent reports, Indonesia is planning to launch a virtual currency platform this year (2023). The platform is part of a plan to transfer regulatory powers from the Commodities Commission to the Securities Commission.

Crypto Adoption Is Set To Increase After The Platform Is Launched

Indonesia will Launch a Crypto Exchange This year, plans to restructure its crypto regulatory framework are underway. The virtual currency exchange will be inaugurated before the supervisory agency is transferred from commodities to securities authorities.

The Commodity Futures Trading Regulatory Agency, also known as Bappebati, oversees the trading of digital currencies in Indonesia along with commodity contracts.

The Indonesian FSA (Financial Services Authority) will take over the assets, according to Didid Noordiatmoko, the acting head of Bappebati. rules as part of a more comprehensive financial industry reform over the course of the next 2 years, by which time the exchange should be established.

“In fact, crypto assets have become investment and financial instruments, so they need to be regulated on an equal basis with other financial and investment instruments.”

Suminto Sastrosuwito, Indonesian Ministry of National Finance.

Late last year, Bank of Indonesia unveiled the country’s update plan to develop A central bank-based currency called the digital rupiah. The idea of ​​a rupee CBDC dates back to 2021, when the governor of the bank, Perry Varzio, mentioned the possibility of its creation.

However, he did not provide any details on when the development phase of the CBDC would begin.

in a press statementBank of Indonesia Governor Warjio said that he would release insights on the “conceptual design” of the CBDC and that the public would be allowed to voice their opinion on its operation.

The central financial body proposed the digital rupiah as a currency that would be an “interoperable” asset that would help connect Indonesia’s economy with CBDCs of other countries.

crypto investing in indonesia

According to Analytics Insight, there are about 11% of virtual currency holders in Indonesia. according to the reportThe most popular cryptocurrencies traded in the country are bitcoin, polka dotCardano and Ethereum,

The law on digital currencies allows Indonesians to trade assets as commodities but bars them from using currencies as payment options. In Q4 2022, Bappebti issued a moratorium, revealing that the financial watchdog has stopped accepting trading license requests from crypto exchanges or “crypto asset physical traders”.

On December 19th, Binance, a leading global exchange, confirmed that it became the majority Shareholder of Indonesian digital platform Tokocrypto. The organization appointed a new CEO following the resignation of its former CEO and founder, Xue Kai.

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