Indonesia makes waves in the cryptocurrency domain.
Bappebti, or Indonesia's Commodity Futures Trading Supervisory Agency, has unveiled the launch of a national cryptocurrency exchange and clearing house.
The Agency's latest announcement confirms that the platform has begun operations, subsequently carving out a legal pathway for digital asset exchanges within the country.
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Opening the door to a new era in digital assets, Indonesia has also launched a futures clearing house. The key role of this clearing house is to serve as an intermediary between a buyer and a seller, ensuring that transactions are processed seamlessly.
Prior to this announcement, it was reported that Bappebti intended to limit cryptocurrency sales exclusively to domestic transactions. The agency also emphasized its commitment to align the national crypto exchange's operations with global market trends.
It is worth noting that traders holding a license have been given a one-month window to register on the crypto exchange.
The journey towards the creation of this crypto exchange has been a long one, with planning and development having begun in December 2021.
Pang Hue Kai, the CEO of Tokokrypto, a Binance-backed crypto exchange, voiced his support for the project in September 2022. He described the national crypto exchange as “a catalyst for the Indonesian crypto ecosystem.”
The launch of the crypto exchange, initially slated for the end of 2022, was postponed to June 2023. The delay was a result of the lengthy process of reviewing potential exchange participants.
Bappebti data indicated that the Indonesian market continues to hold significant appeal for crypto. In 2021, approximately 4% of the country's population, which translates to nearly 11 million people, invested in cryptocurrency.
