Indonesia to Launch National Crypto Exchange This Month

Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, is planning to inaugurate the country’s first national crypto exchange this month, July 2023. The announcement was reported by the Indonesian news agency Tempo.

All transactions involving Bitcoin and other cryptocurrencies must occur exclusively on the National crypto exchange, and no other platforms will be permitted in the country.

The official mentioned that yesterday, they reached an agreement on the rules governing the stock exchange. The discussions revolved around Know Your Customer (KYC) procedures. Additionally, Didid pointed out that trading on the exchange would be facilitated through a tested integrated application, provided by CFTRA.

Didid said, “Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository,”

The official mentioned Bappebti’s intention to restrict cryptocurrency sales to local transactions, while aligning with international market developments, including approved crypto prices.

Also Read: FraXion Introduces First STO in the U.S.

According to reports, Bappebti informed Trade Minister Zulkifli Hasan regarding the development. If no further instructions are received, Bappebti will proceed to sign the permit, allowing licensed traders one month to join the exchange, as stated by Didid.

The exchange was initially scheduled to launch in December 2022 but experienced delays due to unspecified reasons. Subsequently, Indonesia’s Ministry of Trade established a new target to launch the trading platform in June 2023. Finally, in July 2023, the people of Indonesia were able to trade cryptocurrencies on their national cryptocurrency exchange.

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