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The Indonesian government has introduced the nation’s cryptocurrency exchange and clearing house to enhance oversight of the crypto sector and bolster investor protection within the country.
The establishment of the new crypto asset exchange follows an initial announcement made in 2021.
National Crypto Exchange Finally Launches
According to the country’s Commodity Futures Trading Regulatory Agency (Bappebti), Indonesia’s crypto bourse commenced operations earlier this week, coinciding with the government’s shift in regulatory oversight.
In November 2022, Indonesia’s finance minister Sri Mulyani Indrawati disclosed that the government intended to transfer the authority to regulate and supervise crypto investments to the Financial Services Authority (OJK). Previously, Bappebti and the Trade Ministry were responsible for overseeing crypto activities in the Southeast Asian nation.
Regarding the new exchange, Bappebti’s chief Didid Noordiantmoko stated that the bourse will be managed by PT Bursa Komoditi Nusantara, while PT Kliring Berjangka Indonesia will oversee transaction clearing, with PT Tenet Depository designated as the crypto asset storage manager.
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There were initial intentions to launch a national crypto asset exchange in 2021, but delays hindered the initiative from progressing. Subsequently, in September 2022, Indonesia’s Deputy Trade Minister Jerry Sambuaga indicated that plans were in place to launch the bourse by the end of the year.
With the crypto asset bourse now operational, the government stated that it would provide regulators with access to transaction records and ensure strong investor protection. Additionally, the new crypto asset bourse will feature currently licensed crypto firms, including Tokocrypto, which was acquired by Binance in December 2022, and Indodax.
Indonesia Records Nearly 18 Million Crypto Investors in June
Indonesia, which prohibited crypto payments in 2021, has experienced an increase in cryptocurrency investments, which are permitted in the country. As reported by Reuters, 17.5 million Indonesians had invested in crypto as of June, a number significantly higher than those investing in the stock exchange market.
However, economic factors such as rising global interest rates have recently dampened enthusiasm for cryptocurrency among investors. Crypto transactions from January to June decreased by 67.8% compared to the same timeframe in 2022. Meanwhile, the most traded assets among Indonesians include Bitcoin, Ether, Binance Coin, XRP, and the stablecoin Tether.
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