• Indonesia is set to launch a national crypto exchange in the next few months.
• The country’s Trade Ministry has identified five active, registered exchanges from a list of 25 for the role.
• The government is aiming to have the crypto bourse ready by June 2023.
Indonesian Government to Launch National Crypto Exchange
The Indonesian government plans to roll out its national cryptocurrency exchange in the coming months. According to the country’s Trade Ministry, five active and licensed platforms have been chosen from a total of 25 exchanges that applied for inclusion in the project. The goal is to have the crypto bourse ready by June 2023.
Omnibus Law Establishes Regulatory Framework
In December 2020, lawmakers in the House of Representatives passed an omnibus law which serves as Indonesia’s primary legal reference for the broader financial services industry. This law also covers regulatory oversight of crypto exchanges, providing clarity and protection for users when trading with digital assets.
Review Process Underway
The review process for digital asset exchanges selected to join the national crypto exchange is currently underway. Once completed, these exchanges will be authorized and supervised by regulators within their respective jurisdictions before they can operate legally on Indonesian soil.
Trade Minister Calls For Caution
Indonesia’s Trade Minister Zulkifli Hasan recently called on authorities not to rush into launching the project too quickly, as this could potentially harm citizens who are still learning about cryptocurrency trading and need proper protection from risks associated with it. He stated that it was important that all due diligence was done before officially launching the platform so that traders would be able to do so safely and securely without any issues or worries about fraud or other malpractices taking place on it.
Growing Crypto Community In Indonesia
Indonesia has one of the fastest growing cryptocurrency communities across Asia Pacific, making this upcoming launch all more important for them as well as other countries looking at increasing their own adoption rates within their borders as well. With greater regulatory clarity provided by laws such as this omnibus bill, more investors will likely feel safe enough to enter into trades with cryptocurrencies in Indonesia going forward.