Indonesia To Launch Crypto Exchange In July: Report

The Indonesian government is moving ahead with its plans to launch a national cryptocurrency exchange, and the platform is expected to be launched in the coming weeks.

Indonesia’s Commodity Futures Trading Supervisory Agency (CoFTRA), also known as Bappebati, is planning to launch a national crypto exchange in July 2023, local news agency Tempo reports. informed of On 14 July.

Didid Noordyatmoko, head of Bappebati, reportedly said that all cryptocurrency transactions will only be allowed to take place using the upcoming national exchange.

“Yesterday we agreed on the stock exchange regulations,” the official said, adding that the discussions included regulation of Know Your Customer (KYC) procedures. Didid also noted that trading on the exchange will be offered through an integrated application that CoFTRA has already tested.

“Yesterday we conducted system integration tests between traders, exchanges, clearing and depositories,” Didid said, according to the news agency.

The official also reportedly noted that Bappebati plans to limit the sale of cryptocurrencies to local transactions, but keep them in line with international market developments. The report states that these will include the question of crypto prices, provided they are approved by Bappebati.

Bappebati also informed Trade Minister Zulkifli Hasan about the development. If there are no other instructions, Bappebati will sign the permit, which will give licensed traders one month to join the exchange, Didid reportedly said.

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As previously reported, Indonesia’s Ministry of Trade is aiming to launch a national cryptocurrency exchange in June 2023. The previous target was December 2022, but the project got delayed.

The initiative began in 2021, when the owners of a state-backed telecommunications firm in Indonesia announced a joint venture with Binance to launch a joint cryptocurrency exchange. In late 2022, Binance increased its stake in Indonesian crypto asset trader TokoCrypto.