• Indonesia is set to launch a national crypto exchange before the end of June 2023.
• The country initially planned for its launch by the end of 2022, but new developments and delays have pushed it back.
• A review of digital asset exchanges is ongoing, and five active, registered exchanges from a list of 25 have been identified for the role.
Indonesia Set to Unveil National Crypto Exchange
The Indonesian government has announced plans to unveil a national crypto exchange by June 2023. Initially, the country had intended to launch the exchange by December 2022 but due to various delays, this timeline was pushed back.
Omnibus Law Passed in House of Representatives
In December 2020, lawmakers in Indonesia’s House of Representatives passed an omnibus law which serves as the primary legal reference for the country’s broader financial services industry. This law covers regulatory oversight of cryptocurrency exchanges operating within Indonesia.
Review Process Underway
Currently, there is a review process underway where 25 digital asset exchanges are being considered for inclusion on the national crypto exchange platform. Five active and registered platforms have already been identified from this group that will be featured on the platform when it goes live.
Trade Minister Zulkifli Hasan Comments
Trade Minister Zulkifli Hasan commented on the upcoming bourse saying that all necessary steps need to be taken to ensure everything is ready before its launch date. He warned against rushing into launching it as this could result in harm coming to those who are new to cryptocurrencies and trading them in general.
Growing Crypto Community
Indonesia is one of many countries with a rapidly growing crypto community and its new national crypto exchange will likely help further accelerate adoption rates within the nation.