David - Cryptocurrency Enthusiast
Indonesia's Ministry of Trade is targeting a launch of its national cryptocurrency exchange by June 2023
The exchange will act as a clearing house and custodian, ensuring seamless transactions between buyers and sellers
The government is reviewing companies that meet its criteria to become part of the exchange
The new launch date comes after a delay due to various obstacles
Indonesia is taking a significant step in its cryptocurrency journey as it aims to launch its national cryptocurrency exchange by June 2023. Trade Minister Zulkifli Hasan shared the news on February 2nd during the opening of Crypto Literacy Month in Jakarta.
Indonesia currently has five active cryptocurrency exchanges that are registered with the country's financial services regulator. However, the Ministry of Trade's exchange will act as a central hub for the local cryptocurrency market. As a clearing house, the exchange will act as a mediator between buyers and sellers, ensuring smooth transactions. Additionally, the exchange will also serve as a custodian, managing the movement of assets between parties.
The trade minister urged the public to be patient with the national cryptocurrency exchange, saying that if it is not ready, things could get messy. The government is taking a cautious approach to ensure that the public is not negatively impacted due to a lack of knowledge about cryptocurrency trading.
Crypto assets in Indonesia are currently traded alongside commodity contracts and are supervised by the Commodity Futures Trading Regulatory Agency (Bappebti). However, the regulatory power will shift to the Financial Services Authority (FSA) after the launch of the national exchange. This shift comes in response to new cryptocurrency regulations ratified on December 15th, which recognize cryptocurrencies and other digital assets as regulated financial securities.
Indonesia's push towards a national cryptocurrency exchange is a significant step in its journey towards a more robust cryptocurrency ecosystem. The exchange will act as a central hub for the local crypto market, ensuring seamless transactions and efficient crypto asset management. With the regulatory shift to FSA, the country is poised to take a leadership role in the crypto asset management space.
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