Delayed Launch: Indonesia’s National Crypto Exchange to Debut in June 2023

Indonesia was determined to launch its national crypto exchange by the end of 2022, but some challenges prevented that. Despite the challenges, Indonesia’s financial services regulator is looking forward to launching the exchange by June, exactly six months after its target for December 2022.

The minister of trade, Zulkifli Hasan, revealed that during the opening of crypto literacy month in Jarkata. He added that the Indonesian government is currently reviewing companies that meet the criteria to be part of the exchange. According to him, five active crypto exchanges already registered with the country’s regulators have made it to the list of 25 registered crypto exchanges. The national crypto exchange plans to encompass them all.

Although the five exchanges comfortably facilitate trade in the region, the national exchange will be a clearing house and custodian in the local crypto market. By a clearing house, it will ensure there are smooth transactions between traders. As a custodian, it will manage the movement of assets between buyers and sellers.

Hasan urged the public to be patient with the exchange launch, saying that soon it will be ready . The government acknowledges that many Indonesians know little about crypto trading, and this should not be rushed.

The main obstacle to launching the exchange by the end of December as planned was the government’s changes in issuing new crypto exchange licenses. The changes attracted a lot of criticism from the nation.

Initially, the Commodity Futures Trading Regulatory Agency was the one supervising trading of crypto assets and commodity contracts. The creation of the national exchange will mean that the regulatory power will have to shift to the Financial Services Authority. Crypto and digital assets were officially recognized as regulated financial securities on December 15th.

Indonesia Central bank revealed that it was working on a central bank digital currency that will be the only digital legal tender in the country. This was officially announced by the governor of the bank Perry Warjiyo on December 5th.