The nation’s stock market and clearing house for digital assets have finally become operational after several delays. Initially slated for launch by the end of 2021, the project faced setbacks, with the latest delay occurring in February. However, the long-awaited crypto exchange commenced its operations on July 17, as confirmed in the announcement.
The head of the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti), Didid Noordiatmoko, emphasized the significance of establishing exchanges, clearing houses, and crypto asset storage managers to foster a fair and secure crypto asset trading ecosystem. The government’s involvement in this initiative demonstrates its commitment to ensuring legal certainty and prioritizing customer protection for the public.
Bappebti will collaborate with key entities, including the country’s Financial Services Authority (OJK), the central bank, and the Ministry of Finance, to oversee the platform’s operations. According to Noordiatmoko, the primary objective of the crypto exchange is to facilitate the smooth functioning of the local crypto industry while effectively managing crypto-related risks.
Indonesia has emerged as an eager adopter of crypto assets, and the government has shown keen interest in fostering the sector’s growth to benefit the local economy and enhance the country’s global exposure. The establishment of the national cryptocurrency exchange is seen as a significant step towards providing a regulated and secure environment for cryptocurrency trading within the country.
The government’s commitment to developing the crypto industry aligns with its efforts to bolster economic opportunities and promote Indonesia’s presence on the global stage. With the exchange finally operational, it is expected to attract more participants and contribute to the continued growth of the crypto ecosystem in Indonesia.