After months of anticipation, the Indonesian government has finally launched its crypto bourse and clearing house in an effort to regulate digital assets in the country.
In its official statement from Thursday, the Indonesian Commodity Futures Trading Regulatory Agency (also known as Bappebti) reported that its new national crypto exchange has been operational since July 17. Along with the bourse, Indonesia has also established a futures clearing house to ensure secure transactions.
The state-backed crypto market has been in development since December 2021 and was initially planned to be released by December 2022. However, Bappebti had delayed the launch of the exchange several times until finally announcing it was ready to go live earlier this month.
The Only Space to Legally Exchange Crypto in Indonesia
Indonesia has previously banned the use of cryptocurrencies as a means of payment but has allowed investment in digital assets. Following the investment boom during the pandemic, the recent data shows that over 17 million citizens of Indonesia had invested in crypto.
The opening of the national crypto exchange comes as an effort to strengthen crypto regulation in the country. Bappebti has made it clear that the newly established platform will be the only space in the country where the legal exchange of cryptocurrencies is allowed.
“The establishment of exchanges, clearing houses and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers,” head of Bappebti Didid Noordiatmoko said in the statement of July 20.
What Will Be Featured on the Indonesian Exchange?
The national crypto bourse is expected to list licensed crypto companies, such as Binance’s Tokocrypto and Indodax, and others as traders. At least five hundred digital assets have already been approved to be traded on the exchange.
Earlier reports stated that Bappebti intended to limit cryptocurrency sales to local transactions while aligning them with global market trends. Licensed traders will be granted a one-month window to join the new exchange.
According to the statement by Didid Noordiantmoko, PT Bursa Komoditi Nusantara will oversee the crypto bourse, while PT Kliring Berjangka Indonesia will handle transaction clearing. Additionally, PT Tennet Depository Indonesia has been designated as the manager responsible for crypto asset storage.
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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