Indonesia is planning to launch a national cryptocurrency exchange in 2023.
The government will transfer regulatory powers over such assets to the Financial Services Authority soon.
The country’s central bank is also working on launching its digital currency (CBDC).
Indonesia to launch a national crypto exchange
Indonesia plans to establish a national cryptocurrency exchange before the end of the year, according to a recent report by Bloomberg.
Bloomberg revealed that the government would launch the cryptocurrency exchange before it shifts regulatory powers over such assets to the Financial Services Authority, from a commodities agency.
This latest cryptocurrency news would be a huge development for the crypto industry in Indonesia. At the moment, crypto assets in the country are traded alongside commodity contracts and are regulated by the Commodity Futures Trading Regulatory Agency, known as Bappebti.
Bappebti acting head Didid Noordiatmoko revealed earlier today that as part of a broader financial sector reform, the FSA would be given regulatory power over the assets over the next two years, during which time the exchange would be established.
Indonesia continues to support crypto growth
Indonesia is one of the countries in the world with a certain level of regulatory clarity in terms of cryptocurrency.
The country’s apex bank issued a white paper discussing its digital currency. The central bank digital currency (CBDC) is currently in development. However, there is no timeline for its launch yet.
Indonesia also passed a law recognising cryptocurrency and digital assets as regulated financial securities in the country.
The positive stance regarding cryptocurrencies comes after the Bank of Indonesia banned the use of cryptos for payments in the country in 2021.
At the moment, there are 383 cryptocurrencies and 10 local coins that can be traded in Indonesia. The Bappebti is also reviewing another 151 assets and 10 coins in a bid to make the assets available to local investors.