According to a report, Indonesia will establish a cryptocurrency exchange in 2023 prior to revising the laws governing cryptocurrencies. The platform is scheduled to launch before the transfer of regulatory jurisdiction from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Securities Authority. Bappebti currently oversees the trading of cryptocurrency assets and commodity contracts in Indonesia.
Didid Noordiatmoko, the head of Bappebti, announced that the crypto exchange would be established this year as part of a larger financial reform initiative that began in December 2022. The reform will see the Financial Services Authority (FSA) taking over the regulation of cryptocurrencies from Bappebti within the next two years.
Although Indonesia has expressed concerns about cryptocurrencies competing with the rupiah, the country’s legal currency, it has been supportive of cryptocurrencies overall. A recently passed law classifies cryptocurrencies and other digital assets as regulated financial securities, and the central bank has released a white paper outlining its plans for a digital currency.
On December 15, the Indonesian House of Representatives ratified the Financial Sector Development and Reinforcement law (P2SK), which serves as the principal legal framework for the financial services industry.
Suminto Sastrosuwito, the head of Financing and Risk Management at the national finance ministry, stated:
“In fact, crypto assets have become investment and financial instruments, so they need to be regulated on an equal basis with other financial and investment instruments.”
This statement was provided in support of the transfer of authority from Bappebti to the FSA, which was officially approved by the bill.
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