The government of Indonesia is moving forward with its plans to launch a national cryptocurrency exchange, and expects to debut the platform in the coming weeks.
Indonesia’s Commodity Futures Trading Supervisory Agency (CoFTRA), also known as Bappebti, is planning to launch the national crypto exchange in July 2023, the local news agency Tempo reported on July 14.
Bappebti head Didid Noordiatmoko reportedly said all cryptocurrency transactions will be only allowed to take plac using the upcoming national exchange.
“Yesterday we agreed on the stock exchange rules,” the official said, adding that the discussions involved regulation of Know Your Customer (KYC) processes. Didid also noted that trading on the exchange will be offered through an integrated application, which CoFTRA has already tested.
“Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository,” Didid said, according to the news agency.
The official also reportedly noted that Bappebti plans to restrict cryptocurrency sales to local transactions, but keep them in line with the international market developments. These would include the question of crypto prices, provided they are approved by Bappebti, the report notes.
The Bappebti also informed Trade Minister Zulkifli Hasan about the development. If there are no other instructions, Bappebti will sign the permit, which will give licensed traders one month to join the exchange, Didid reportedly stated.
The initiative began 2021, when the owners of a state-backed telecom firm in Indonesia announced a joint venture with Binance to launch a joint cryptocurrency exchange. In late 2022, Binance increased its shareholding in the Indonesian crypto asset trader Tokocrypto.