• Indonesia’s national cryptocurrency exchange (Nat’l Exchange) is set to launch in June 2023.
• The exchange will act as a custodian and mediator for the five registered private exchanges in the country.
• Regulation of cryptocurrencies will be transferred from Bappebti to the Financial Services Authority following the launch of Nat’l Exchange.
Indonesia Set To Launch National Cryptocurrency Exchange
Trade Minister Zulkifli Hasan has announced that Indonesia’s national cryptocurrency exchange, Nat’l Exchange, will launch in June 2023. Originally planned for December 2022, the government postponed its launch date to ensure that all requirements and procedures are met.
Private Exchanges Will Operate Under Nat’l
The exchange will act as a custodian and mediator between buyers and sellers for the five registered private exchanges operating in Indonesia. It aims to protect their interests while managing the flow of assets within these exchanges.
Crypto Oversight To Change After Launch
Currently, cryptoassets are supervised by Bappebti under Indonesian Commodity Futures Trading Regulatory Agency purview but this may change after Nat’l Exchange is launched. According to revised rules in December 2022, cryptocurrencies have been classified Regulated Financial Securities which means they no longer fall under Bappebti’s jurisdiction.
Head Of Financing And Risk Management Explains Change In Supervision
Suminto Sastrisuwito, head of Financing and Risk Management at National Finance Ministry said that cryptoassets had become financial instruments and investments thus necessitating supervision which Bappebti is not capable of providing . He added that oversight over cryptoassets would now be handled by Financial Services Authority once Nat’l Exchange launches successfully.
This article is provided for informational purposes only