Indonesia plans to open a cryptocurrency exchange in 2023 — amid a financial sector overhaul that would see a transfer of enforcement powers over digital assets to the Financial Services Authority.
Head of the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) Didid Noordiatmoko stated that the government will establish an exchange before the Financial Services Authority officially assumes the responsibility of cryptocurrency regulation.
Currently, commodity contracts and cryptocurrencies are both traded on exchanges governed by Indonesia’s Commodity Futures Trading Regulatory Agency.
There have been multiple delays in the cryptocurrency exchange’s planned opening over the past few years. The platform was originally scheduled to begin in 2021, however the government was unable to do so because of procedure complications.
According to the nation’s deputy trade minister Jerry Sambuaga, a crypto stock market was expected to be established by the end of 2022. He added that they will thoroughly follow “every requirement, procedure, and necessary step” during the process.
Cryptocurrency assets have long been welcomed in Indonesia. In 2018, Indonesia’s Ministry of Trade formally approved the trading of cryptoassets and recognised cryptocurrencies as a commodity.
A comprehensive regulatory framework for the future of cryptoassets was issued by the Indonesian Commodity Futures Trading Supervisory Authority, or Bappebti, later in 2019. In short, Indonesia permits the purchase and sale of digital assets, but only for financial gain.
