The government of Indonesia plans to establish a crypto stock exchange by the end of this year, according to news reports from DealStreetAsia. The Indonesian government sees the exchange as a way of protecting consumers as interest in virtual assets have risen globally.
The Indonesian government has returned to its plan to set up a digital asset exchange which it first announced back in 2021. The country’s deputy trade minister confirmed the information. The so-called “crypto bourse” is planned to be established by the end of 2022. According to local news outlet DealStreetAsia, Indonesian Deputy Trade Minister Jerry Sambuanga confirmed during the NXC International Summit 2022 in Bali that the country is continuing with its plans to launch the crypto bourse, but the project has been delayed due to additional preparations:
We will make sure that every requirement, procedure and the necessary steps have been taken.
He added:
Creating a bourse needs many preparations. We need to see which entities should be included in the bourse. Secondly, we need to validate the said entities. Thirdly, there is a minimum capital and other requirements related to custodian, depository, technical things.
The exchange will list companies in the digital asset industry such as some of the 25 exchanges that have already been granted licenses by the Indonesian financial watchdog Bappebti.
Despite global skepticism from regulators, Indonesia is keen to take advantage of the emerging industry of virtual assets. A few days ago, PT GoTo Gojek Tokopedia Tbk, one of the largest technology firms in the country, acquired a local cryptocurrency firm, PT Kripto Maksima Koin for $8.4 million. The CEO of GoTo said the move intends to diversify Indonesia’s currency management hub.
The total transaction volume of crypto assets in Indonesia in 2021 grew by more than 1,000% compared with 2020, rising to $57.7 billion according to data from Indonesia’s Commodity Futures Trading Regulatory Agency. About 4% of the country’s population has been investing in cryptocurrencies.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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