Indonesia’s Crypto Exchange and Clearing House Go Live

In an official statement from the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI) has announced that a new national crypto exchange is now operational. Along with the bourse, Indonesia has also established a futures clearing house to ensure secure transactions, according to reporting by Crypto Daily.

The state-backed crypto market has been in development since December 2021 and was initially planned to be released by December 2022. However, BAPPEBTI delayed the launch of the exchange several times until finally announcing it was ready to go live earlier this month.

Indonesia had 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 Indonesians had invested in crypto, say Crypto Daily.

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. 

Didid Noordiatmoko, head of BAPPEBTI  said in a statement on July 20 that “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,”

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, according to Crypto Daily.

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 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.

Source: Crypto Daily

Photo by Kanchanara on Unsplash

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