According to reports, Indonesia will establish a cryptocurrency exchange in 2023 as part of its reform of the laws governing cryptocurrencies. Prior to the transfer of regulatory authority from the commodities authority to the securities authority, the platform is scheduled to launch.
A cryptocurrency exchange should be established this year, according to Didid Noordiatmoko, the head of the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), who made this statement on January 4. The action is a part of a larger financial reform initiative that was started in December 2022.
According to the reform, the Financial Services Authority will take over cryptocurrency regulation within the next two years from Bappebti, an organization that focuses on commodities (FSA).
Indonesia’s crypto exchange likely to surface in 2023
The Financial Sector Development and Reinforcement bill (P2SK), which will serve as the main legal framework for the financial services industry, was approved by the Indonesian House of Representatives on December 15.
Suminto Sastrosuwito, the director of financing and risk management at the national finance ministry, provided the following justification for the authority transfer from Bappebti to the FSA, which was made official by the bill:
Starting in 2017, Indonesia put a complete ban on cryptocurrency payments, though the country has largely allowed the trading of digital assets. Noordiatmoko revealed in the first few days of January that in 2022, the value of cryptocurrency transactions in the nation decreased by half, from 859.4 trillion Indonesian rupiahs ($55 million) to 296.66 trillion ($19 million).
The conceptual design of a digital rupiah, the equivalent of the nation’s fiat currency, was released for public discussion in December, according to Bank of Indonesia Governor Perry Warjiyo.
Even though the cryptocurrency market saw a decline in activity last year, new investors are still pouring money into it. In the first eleven months of the year, there were 16 million cryptocurrency investors in Indonesia, up from 11.2 million at the end of 2021. During that time, trading value decreased from the 859 trillion rupiah seen the year before to about 300 trillion rupiah ($19.2 billion).
There are presently 383 crypto assets and 10 local coins available for trading in Indonesia, with an additional 151 assets and 10 local coins being assessed by Bappebti.