Indonesia is moving forward with its plans to launch a national cryptocurrency exchange and expects to begin operating the platform in the coming weeks.
The Indonesian Commodity Futures Trading Regulatory Agency (CFTRA), also known as Bappebti, plans to launch the national cryptocurrency exchange in July 2023, according to a report by local news agency Tempo on July 14.
Bappebti Chairman Didid Nurdiatmo stated that all transactions involving cryptocurrencies will be allowed only on the national platform. The official said, “We agreed yesterday on the exchange’s rules,” adding that discussions include customer verification procedures (KYC). Didid also mentioned that trading on the platform will be conducted through a tested integrated application by CFTRA.
The official also noted that Bappebti plans to restrict cryptocurrency sales operations for domestic transactions while keeping up with global market developments. This would include the matter of cryptocurrency prices, subject to approval by Bappebti, according to the report.
Bappebti informed the Minister of Trade, Zulkifli Hasan, about the developments. In the absence of any other instructions, Bappebti will sign the declaration, which will grant licensed traders one month to join the platform, as mentioned by Didid according to the report.
As previously reported, the Indonesian Ministry of Trade aimed to launch the national cryptocurrency exchange in June 2023. The previous target date was December 2022, but the project was postponed.
The initiative began in 2021 when state-backed telecommunications companies in Indonesia announced a joint project with Binance to launch a shared cryptocurrency exchange. In late 2022, Binance increased its stake in Indonesian cryptocurrency asset trader Tokocrypto