• Indonesia plans to launch a crypto exchange in 2023 with the supervision of the Financial Services Authority.
• The government initially intended to launch the platform in 2021 but couldn’t meet that deadline due to complexities in the process.
• Indonesia has long been supportive of crypto assets, having formally authorized crypto asset trading and recognized cryptocurrency as a commodity back in 2018.
Indonesia is looking to launch a crypto exchange this year after the Financial Services Authority (FSA) announced plans to take over the supervision of digital assets from the Commodity Futures Trading Regulatory Agency (Bappebti). This is part of a broader financial sector reform that is expected to have a significant impact on the crypto industry in Indonesia.
Didid Noordiatmoko, head of Bappebti, said the government will set up an exchange before the Financial Services Authority takes over the supervision of crypto. However, he noted that the process has been complex, leading to a delay in the launch of the crypto exchange. The government had initially planned to launch it in 2021, but due to the complexity of the process, the launch date has been postponed several times.
In September 2020, Indonesia’s Deputy Trade Minister Jerry Sambuaga said they aimed to launch the crypto stock market by the end of 2022. He added that all the necessary requirements, procedures and steps were being taken to ensure a successful launch.
Indonesia is no stranger to cryptocurrencies, having long been supportive of crypto assets. In 2018, the country’s Ministry of Trade formally authorized crypto asset trading and recognized cryptocurrency as a commodity. Later in 2019, Bappebti provided a comprehensive regulatory framework for the crypto-assets futures. This allowed citizens to buy and sell crypto assets for investment purposes.
The number of crypto investors in Indonesia has been steadily increasing, indicating the growing popularity of digital assets in the country. The launch of the crypto exchange is expected to further boost the industry, as it will create a platform for investors to buy, sell and trade cryptocurrencies safely and securely.