Indonesia to Launch National Crypto Exchange by July End

Indonesia to Launch National Crypto Exchange by July End

Time Stamp: July 21, 2023 2:37 PM
Source Node: 2777337
  • Indonesia brings forth a national crypto exchange sooner. 
  • The Ministry of Trade has to approve the national exchange launch.

Indonesia’s plans to launch a crypto exchange for the nation before the beginning of August 2023. The Chief of the Commodity Futures Trading Regulatory Agency (Bappebti) has declared that the launch will happen as per the protocols of various stress testing. 

The chief of Bappebti, Didid Noordiatmoko has stated:

“…we conducted system integration tests between traders, exchanges, clearing, and depository.

We agreed on the stock exchange rules. So the Know Your Customer (KYC) process and all kinds have been regulated there.”

Currently, some exchanges are operating the transactions of the nation but the launch of the new national exchange might affect the existing ones. Meanwhile, it is evident that the national exchange suffices for the limited transactions of the nation.

What Do The Ministry of Trade Say?

All these commercial activities are processed with the approval of the Ministry of Trade. Zulkifi Hasan, the Minister of Trade has received the details of Bappebti. However, the nation awaits the response of the Minister with a green light. 

Furthermore, the decision to presume the launch of the exchange laid the foundation for 2021. Later in 2022, the Deputy Trade Minister, Jerry Sambuaga said:

“This is proof that we are being careful. We don’t want to be hasty as it may cause us to miss something.”

Moreover, the complex activities in the crypto world delayed the resolution of Bappebti to launch the exchange. Alongside this, it is expected that the country has to hand over it to the Financial Services Authority for considering the virtual assets as securities.  

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