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Indonesia aims to unveil national crypto exchange by June, 2023

According to Cointelegraph, Zulkifi Hasan, Trade Minister, revealed the new target launch date on February 2, 2023

On December 15, 2022, new crypto regulations started acknowledging crypto and other digital assets as regulated financial securities
On December 15, 2022, new crypto regulations started acknowledging crypto and other digital assets as regulated financial securities

Indonesia’s Ministry of Trade intends to unveil a national crypto exchange by June, 2023, half a year post its previous timeline for December, 2022, as reported by Cointelegraph.

According to Cointelegraph, Zulkifi Hasan, Trade Minister, revealed the new target launch date on February 2, 2023, during the Crypto Literacy Month in Jakarta. It is believed that the government is studying which companies comply with the standards to become related to the exchange. 

On the basis of information by Cointelegraph, five active crypto exchanges have been registered with the country’s regulators. Reportedly, the ministry’s exchange is expected to act as a clearing house and custodian in the local crypto market. “Let us not rush because if it is not ready, things will get messy. The government does not want this to massively take a toll on the public because people do not know much [about crypto trading],” Hasan said. 

Moreover, Cointelegraph noted that Indonesian crypto assets are currently traded along with commodity contracts and regulated by Commodity Futures Trading Regulatory Agency, also known as Bappebti. On December 15, 2022, new crypto regulations started acknowledging crypto and other digital assets as regulated financial securities. 

(With insights from Cointelegraph)

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First published on: 03-02-2023 at 10:47 IST