December 11, 2023

After months of anticipation, the Indonesian government has finally launched a cryptocurrency exchange and clearing house to regulate digital assets in the country.

in its official statement Beginning Thursday, Indonesia’s commodity futures trading regulator, also known as Bappebti, reported that its new national cryptocurrency exchange began operations on July 17. In addition to the exchange, Indonesia has established a futures clearing house to ensure transaction security.

The state-backed cryptocurrency market has been in development since December 2021, with an initial launch planned for December 2022.However, Bappebti has Delay The exchange was launched many times until the final Announce It’s ready to go live earlier this month.

The only space in Indonesia to legally exchange cryptocurrencies

Indonesia previously banned the use of cryptocurrencies as a means of payment, but allowed investment in digital assets. Following the investment boom during the pandemic, recent figures show that more than 17 million Indonesian citizens have invested in cryptocurrencies.

The opening of the national cryptocurrency exchange is an attempt to strengthen cryptocurrency regulation in the country. Bappebti made it clear that the newly established platform will be the only space in the country that allows legal cryptocurrency transactions.

The establishment of exchanges, clearinghouses and crypto asset storage managers is a testament to the government’s efforts to create a fair and equitable crypto asset trading ecosystem that guarantees legal certainty and prioritizes the protection of the public as customershead of Bappebti Didid Noordiatmoko at statement July 20th.

What are the highlights of the Indonesian exchange?

The national cryptocurrency exchange is expected to list licensed cryptocurrency companies such as Binance’s Tokocrypto and Indodax, among other traders. At least five hundred digital assets have been approved for trading on the exchange.

Earlier reports said Bappebti intends to limit cryptocurrency sales to local transactions while keeping it in line with global market trends. Licensed traders will be given one month to join the new exchange.

According to Didid Noordiantmoko’s statement, PT Bursa Komoditi Nusantara will oversee the cryptocurrency exchange, while PT Kliring Berjangka Indonesia will be in charge of clearing the transactions. In addition, PT Tennet Depository Indonesia has been appointed as the administrator responsible for the storage of encrypted assets.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.