• The Indonesian Trade Ministry is aiming to set up a national crypto exchange before June 2023, as part of the regulatory reforms adopted by the Indonesian House of Representatives in December.
• Five out of the 25 registered crypto exchanges in the country are in the running to be part of the national bourse.
• The government had placed a moratorium on the issuance of new crypto exchange licenses, but it has recently been lifted.
The Indonesian Trade Ministry is aiming to have a national crypto exchange up and running before June 2023. This is part of the regulatory reforms adopted by the Indonesian House of Representatives in December, which are designed to ensure the safety and security of the crypto space.
The ministry is currently reviewing the crypto exchanges that will be part of the national bourse. Out of the 25 exchanges that are registered with the Commodity Futures Trading Regulatory Agency, five are in the running to be part of the national bourse. Trade minister Zulkifli Hasan says that all five exchanges might be part of the ministry’s crypto exchange.
However, the establishment of the crypto exchange was delayed since the Indonesian government had placed a moratorium on the issuance of new crypto exchange licenses. This moratorium had attracted criticism from people who believed that the government was unnecessarily „making things difficult,“ according to Hasan. But the moratorium was needed to „clear the regulations,“ he added.
The Indonesian government is now working to ensure that the national crypto exchange is set up without any further delays. Hasan says that the government does not want the public to be taken for a ride, as many people may not have a good understanding of crypto trading.
The Trade Ministry is confident that the national crypto exchange will be up and running before June 2023. This will be a major milestone in the development of the crypto space in Indonesia, and it will provide a secure platform for traders and investors alike.