Bulletpoints Summary
- Indonesia is planning to launch a national crypto exchange before June 2023.
- The crypto assets trading in Indonesia falls under the purview of the Commodity Futures Trading Regulatory Agency.
- Five active and licensed platforms have been identified from a list of 25 to join the national crypto exchange.
Indonesia to Unveil National Crypto Exchange by June
Background:
Indonesia’s Trade Ministry has announced that the country plans to roll out its national crypto exchange by June this year. The initial plan was for the cryptocurrency bourse to be launched by the end of 2022. In December, lawmakers in the House of Representatives passed an omnibus law which provides regulatory oversight for crypto exchanges.
Identifying Exchanges
Process:
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The government is currently reviewing digital asset exchanges with a view to joining them on the national exchange. From a list of 25, five active, registered exchanges have been identified.
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Minister’s Comments
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Trade Minister Zulkifli Hasan:
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Trade Minister Zulkifli Hasan commented that everything needed to be done properly before launching the project so as not to harm public who are still learning about trading cryptocurrencies. He also said that rushing could end up badly for everyone involved.
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Growth Of Crypto Communities In Indonesia
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Trends:
> < p >Indonesia is one of many countries with fast-growing cryptocurrency communities. This trend has been fueled by authorities suspending licensing of new exchanges and other official delays pushing back launches from their original planned dates.
>< h2 >Conclusion> >> << p >< strong >Outlook: > << p > The Indonesian government is taking steps towards creating a secure platform that will protect users while they learn more about cryptocurrencies and trading them online. It remains unclear when exactly this platform will go live but it looks like it could happen before June 2023.