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Indonesia’s Futures and Commodity Trading Regulatory Agency will launch a national cryptocurrency exchange this month.
The Indonesian government will finally launch its national crypto exchange this month and expects the platform to begin trading in the coming weeks.
Local news agency Tempo reported the country’s Commodity Futures Trading Supervisory Agency, commonly known as Bappebti, plans to launch the exchange this month after several delays.
Bappebti’s head Didid Noordiatmoko said once the exchange launches, all crypto transactions can only be conducted via its platform. Five hundred and one cryptocurrencies have been approved to be traded on the exchange.
Exchange Will Go Live After Several Delays
Noordiatmoko said Bappebti agreed on the stock exchange rules adding that its discussions involved KYC procedures. The official also noted that trading on the exchange would be offered through an integrated application, which Bappebti had already tested.
"Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository," Didid said.
Indonesia’s national exchange was slated to launch by December 2022 but was delayed to June 2023.
Noordiatmoko also said the regulator plans to restrict crypto sales to local transactions while keeping them in line with international market developments and standards.
Indonesia’s Trade Minister, Zulkifli Hasan, has been informed of the exchange’s progress. If all goes to plan and no further instructions are given, the regulator will sign a permit giving licensed traders one month to join the platform.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.