- Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti) has opened the country’s only legal cryptocurrency exchange and clearing house.
- This project, first conceptualized in December 2021, aims to act as a catalyst for the growth of Indonesia’s crypto ecosystem.
Indonesia takes a significant stride towards mainstreaming cryptocurrencies as its government announced the commencement of its national cryptocurrency exchange, as per a statement by the country’s Commodity Futures Trading Supervisory Agency (Bappebti). This platform stands as the sole venue in the country sanctioned for legal digital asset exchange.
Alongside the exchange, Bappebti confirmed the establishment of a futures clearing house on July 20, effectively mediating between buyers and sellers to ensure seamless transactions.
Shaping Indonesia’s Crypto Landscape
In a bid to maintain alignment with international market trends while confining cryptocurrency sales to local transactions, Bappebti will grant licensed traders a one-month period to join the exchange. The conception of this project traces back to December 2021, and it was championed by many industry stalwarts, including Pang Hue Kai, CEO of Tokokrypto — one of the 25 licensed crypto exchanges in Indonesia and a subsidiary of Binance — who deemed the project as a catalyst for the Indonesian crypto ecosystem.
Despite a slight delay from the initially planned launch date at the end of 2022, the exchange started its operations in June 2023 after a thorough review of potential participants. The country’s Trade Minister, Zulkifli Hasan, stated that all nationally registered, active crypto exchanges would be eligible to join the platform.
In 2022, as part of the response to an
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“interesting year for the development of physical trading of crypto assets”,
Indonesia’s Ministry of Trade Deputy Minister, Jerry Sambuaga, proposed several policy changes. One of the notable requirements was for two-thirds of the directors and commissioners at cryptocurrency firms to be Indonesian citizens.
The cryptocurrency industry continues to find Indonesia an appealing market, as indicated by Bappebti data. In 2021, nearly 4% of the country’s population, amounting to just under 11 million individuals, had invested in crypto, suggesting the vast potential for growth in this sector.
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