Indonesia to Launch National Crypto Exchange in July After Several Delays

Investing

Published: July 14, 2023 10:39 pm

Indonesia is planning to launch its national cryptocurrency exchange in July 2023, local news outlet Tempo reported on Friday. The move comes after several delays, with initial plans of a single, national crypto bourse dating back to 2021.

Licensed Traders Will Be Given a Month to Join the Exchange

According to local reports, Indonesia’s government is on track to launch its long-awaited national cryptocurrency exchange in the coming weeks. The country’s Commodity Futures Trading Supervisory Agency (CFTRA) intends to debut the crypto exchange this month. CFTRA’s head Didid Noordiatmoko said that traders can buy and sell crypto solely through the exchange once the platform goes live.

“Yesterday we agreed on the stock exchange rules. So the know your customer (KYC) process and all kinds have been regulated there.”

– said Noordiatmoko.

He explained that the crypto trading would be performed using each integrated application. The regulator wants cryptocurrency sales to be local while following the latest international market developments, including crypto prices.

CFTRA also notified Indonesia’s Trade Minister Zulkifli Hasan about the launch. If the government requires no further changes, the regulator will sign the permit, giving licensed traders a month to join the exchange.

Indonesia’s National Crypro Exchange Plans Go Back to 2021

Plans to roll out the national digital asset exchange this month come after numerous delays. The initial efforts date back to 2021, when owners of a government-backed telecom group formed a joint venture with Binance to launch a joint crypto exchange.

Binance’s joint venture was formed with the Hartons, Indonesia’s wealthiest family. The deal marked the second crypto venture for Binance in the Southeast Asian nation after striking a partnership with crypto trading platform Tokocrypto.

After the initial delay, the launch of the national crypto was postponed until the end of 2022. However, the initiative was delayed again until June 2023 because a project such as this required “many preparations,” Indonesia’s Deputy Trade Minister Jerry Sambuaga said in September. The Indonesian government first authorized crypto trading in 2018, recognizing cryptocurrency as a commodity.

This article originally appeared on The Tokenist

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