• The Indonesian Trade Ministry is aiming to have a national cryptocurrency exchange set up before June 2023.
• Five active exchanges out of the 25 registered with the Commodity Futures Trading Regulatory Agency are in the race to be part of the national bourse.
• The government had placed a moratorium on the issuance of new crypto exchange licenses, but this has been recently lifted.
The Indonesian Trade Ministry has announced that it is aiming to have a national cryptocurrency exchange set up before June 2023, as part of the regulatory reforms adopted by the Indonesian House of Representatives in December. This exchange will be a key part of the government’s efforts to regulate the cryptocurrency industry in the country.
Five active exchanges out of the 25 registered with the Commodity Futures Trading Regulatory Agency are in the race to be part of the national bourse. Trade minister Zulkifli Hasan said that all five exchanges might be part of the ministry’s crypto exchange. He also said that the government was not rushing the process, as they did not want it to take a toll on the public due to lack of understanding about trading in cryptocurrencies.
However, the setting up of the exchange had been delayed due to a moratorium that was placed on the issuance of new crypto exchange licenses by the government. This moratorium had attracted criticism from people who believed that the government was unnecessarily making things difficult. But the government argued that the moratorium was needed to „clear the regulations“ in the sector.
Fortunately, the moratorium has been recently lifted, allowing the government to move ahead with its plans to set up the national cryptocurrency exchange. The five exchanges that are currently in the race to be part of the bourse will be closely assessed in order to ensure that the public is provided with a safe and regulated platform for trading in cryptocurrencies.
The Indonesian Trade Ministry’s decision to set up a national cryptocurrency exchange is expected to bring more legitimacy to the industry in the country, and will also provide the public with a secure and regulated platform. This is an important step towards the wider adoption of cryptocurrencies, and will go a long way in making Indonesia a more attractive destination for crypto-related businesses.