• The Indonesian Trade Minister said five out of the 25 registered crypto exchanges in the country may be part of the national bourse.
• The Trade Ministry of Indonesia had initially planned to set up a national cryptocurrency exchange by the end of 2022, but the ministry is now aiming to have the exchange set up before June 2023.
• The Indonesian government is currently reviewing crypto exchanges that will be part of the national bourse.
The Indonesian government has announced plans to set up a national cryptocurrency exchange before the end of June 2023. This comes after the House of Representatives passed regulatory reforms in December last year, which allowed for the issuance of new crypto exchange licenses.
According to the Trade Minister of Indonesia, Zulkifli Hasan, the government is currently reviewing the five active exchanges that are registered with the Commodity Futures Trading Regulatory Agency. These five exchanges are in contention to become part of the national bourse.
The plans to set up a national crypto exchange were initially set for the end of 2022, however, the 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“. However, the minister clarified that the moratorium was needed to „clear the regulations“.
Now that the moratorium has been lifted, the government is looking to set up the national crypto exchange before June 2023. The Minister also emphasised that the government does not want to rush the process as this could potentially create a lot of confusion for the public, who may not be aware of the nuances of crypto trading.
The five exchanges that are in contention to become part of the national bourse are part of the 25 exchanges that are registered with the Commodity Futures Trading Regulatory Agency. The government is now looking to ensure that the regulations are well-defined and that the process is carried out in an orderly manner.
Once the national crypto exchange is set up, it will become an important part of the Indonesian financial system. It will open up a new avenue for investors to invest in cryptocurrencies, while also providing a regulated platform for trading. The government is confident that the new exchange will help to create a stable and secure environment for trading cryptocurrencies.