• Indonesia is set to launch a national crypto exchange in June 2023.
• The Trade Ministry has identified five active and licensed exchanges from a list of 25.
• The omnibus law will provide regulatory oversight of the crypto exchange.
Indonesia to Unveil National Crypto Exchange by June
Timeline for Launch
Indonesia initially planned to launch the crypto bourse before the end of 2022 and now aims to have it ready by June 2023. This timeline comes after new developments (authorities suspended the licensing of new exchanges) and other official delays forced the relevant government bodies working on the project to push back the launch date.
Omnibus Law Approval
In December, lawmakers in Indonesia’s House of Representatives passed the Financial Sector Development and Reinforcement Bill, also known as the omnibus law. The bill is now Indonesia’s primary legal reference for its broader financial services industry, covering areas such as regulatory oversight of crypto exchanges.
Reviewing Exchanges
A review of digital asset exchanges earmarked to join the national crypto exchange is ongoing, with five active registered exchanges identified from a list of 25 so far. Trade Minister Zulkifli Hasan emphasized that rushing the project could lead to public harm if those still learning about crypto trading are not properly protected.
Growing Crypto Landscape in Indonesia
Indonesia is one of several countries with fast-growing cryptocurrency communities, many relying on local platforms for digital asset trading which falls under Commodity Futures Trading Regulatory Agency jurisdiction in this country.
Conclusion
The Indonesian government is currently working towards launching its national crypto exchange by June 2023 with plans already underway for listing five active licensed platforms on it upon its debut. To ensure all necessary measures are taken before launch, Trade Minister Zulkifli Hasan cautioned against rushing into anything that may put those still learning about cryptocurrency at risk.