The government of Indonesia is set to launch a national cryptocurrency exchange in the near future, as it continues to push forward with its plans in the crypto space. The platform, which is expected to debut in the coming weeks, will be operated by the country’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti.
According to a report by local news agency Tempo, Bappebti revealed its intentions to launch the national crypto exchange in July 2023. The head of the agency, Didid Noordiatmoko, stated that all cryptocurrency transactions in the country would be required to take place through this exchange. The move is aimed at regulating the crypto market and providing a secure and transparent platform for traders.
One of the key aspects discussed during the planning phase was the implementation of Know Your Customer (KYC) procedures. Didid emphasized that these procedures would be an integral part of the exchange, ensuring that all users are properly identified and verified. He also highlighted that the trading on the platform would be facilitated through an integrated application, which has already undergone successful testing.
Furthermore, Bappebti plans to limit cryptocurrency sales to local transactions while aligning them with international market developments. This approach would include considerations such as crypto prices, with any proposed changes requiring approval from Bappebti. The agency aims to strike a balance between supporting the growth of the crypto industry in Indonesia and maintaining regulatory oversight.
The Trade Minister, Zulkifli Hasan, has been informed about the progress made in the development of the national crypto exchange. Once all the necessary requirements are met, Bappebti will grant the exchange a permit. Licensed traders will then have one month to join the platform, unless other instructions are given.
This announcement follows earlier reports that highlighted Indonesia’s Ministry of Trade’s plans to launch the national cryptocurrency exchange in June 2023. The project had experienced delays, with the initial target date set for December 2022. However, the government has remained committed to its objective of establishing a reliable and regulated crypto exchange in the country.
The journey towards this milestone began in 2021 when a state-backed telecom firm in Indonesia announced a joint venture with Binance to launch a national cryptocurrency exchange. Binance, one of the largest crypto exchanges globally, subsequently increased its shareholding in Tokocrypto, an Indonesian crypto asset trader, further solidifying its presence in the country.
The launch of the national cryptocurrency exchange is seen as a significant step forward for Indonesia’s crypto industry. It showcases the government’s progressive approach to embracing digital currencies while prioritizing regulatory measures to protect users and promote market stability. By centralizing cryptocurrency transactions through the national exchange, Indonesia aims to foster greater transparency and accountability in the crypto market.
In conclusion, the Indonesian government is moving forward with its plans to launch a national cryptocurrency exchange in the coming weeks. This initiative, led by Bappebti, aims to regulate the crypto market and provide a secure platform for traders. With discussions on stock exchange rules and integration tests already completed, the launch is expected to bring increased transparency and oversight to the country’s crypto industry.
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