The Indonesian government is making progress in its efforts to establish a national cryptocurrency exchange. According to a local report, Indonesia’s Commodity Futures Trading Supervisory Agency (CoFTRA), also known as Bappebti, is set to establish the country’s inaugural cryptocurrency exchange in July 2023.
Didid Noordiatmoko, the head of Bappebti, stated that all cryptocurrency transactions would be limited to the national exchange. He mentioned that the stock exchange rules were agreed upon, and discussions were held regarding Know Your Customer (KYC) processes. Noordiatmoko further highlighted that the CoFTRA has already conducted system integration testing among traders, exchanges, clearing, and depository.
According to the report, Bappebti plans to restrict cryptocurrency sales to domestic transactions while keeping them aligned with global market fluctuations. The report also indicates that this could involve the regulation of cryptocurrency prices.
Noordiatmoko, however, stated that unless further instructions are provided by Zulkifli Hasan, the Minister of Trade, Bappebti will proceed to authorize the traders and grant them a one-month period to join the exchange.
The launch of the national cryptocurrency exchange was initially planned for December 2022 but it was delayed. According to another local report, the deputy trade minister, Jerry Sambuaga, stated the delay was due to additional preparations. Trade Minister Zulkifli Hasan announced a revised launch date of June 2023 during the opening ceremony of Crypto Literacy Month in Jakarta in February 2023.
Indonesia reportedly planned to launch the cryptocurrency exchange before revising its rules concerning cryptocurrencies. The platform is expected to become operational prior to the Financial Securities Authority taking over regulatory responsibilities from the Commodity Futures Trading Regulatory Agency (Bappebti). Currently, Bappebti is responsible for overseeing the trading of digital assets and commodity contracts in Indonesia.
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