The cryptocurrency sector is expanding significantly as more countries start to accept digital assets. With the announcement of the opening of its own national cryptocurrency exchange, Indonesia has just joined the trend. The official launch of the exchange’s activities by the Commodity Futures Trading Supervisory Agency [CFTRA] on July 20 marked an important turning point in the nation’s financial history.
The government encountered difficulties with the launch, which was initially scheduled for the end of 2021. In February 2023, there was a most recent delay. But on July 17, the bitcoin exchange in the style of Nasdaq officially launched.
A Futures Clearing House must be established in accordance with the CFTRA directive, which is a component of the exchange setup. a crucial middleman responsible for facilitating smooth transactions between buyers and suppliers. In a statement regarding this launch, Didid Noordiatmoko, the head of Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti), stated:
“The establishment of exchanges, clearing houses, and managers of crypto asset storage is proof that the government is present in an effort to create a fair and equitable crypto asset trading ecosystem to guarantee legal certainty and priorities protection for the public as customers.”
What about Indonesia’s current exchanges?
At the beginning of the year, Indonesia has 10 native coins and about 383 traded crypto assets. Bappebti was also looking into an additional 151 assets and 10 coins at the same time.
However, the most recent platform is now the only one in the nation that is authorized for legitimate crypto trade. However, the legal structure for this platform aims to align domestic transactions with advances in the global market. The exchange has given authorized traders a month to register, anticipating a prompt response from the local Indonesian cryptocurrency community.