Indonesia’s national cryptocurrency exchange is expected to open in June 2023 after multiple delays. Six months after its earlier target of December 2022, it has been claimed that Indonesia’s Ministry of Trade, which supervises the formation of policies linked to the expansion of industry in the nation, plans to launch a national cryptocurrency exchange.
At the beginning of Crypto Literacy Month in Jakarta on February 2, Trade Minister Zulkifli Hasan announced a revised launch date and mentioned that the government is now determining which companies match their requirements to join the exchange.
Hasan asserts that the ministry’s crypto exchange may include all five of the active cryptocurrency exchanges that are already listed with the nation’s regulatory bodies.
He requested that the citizens wait for the country’s cryptocurrency exchange and warned that hastiness would result in a mess. He states:
“Let us not rush because if it is not ready, things will get messy. The government does not want this to massively take a toll on the public because people do not know much [about crypto trading].”
Indonesia to Use Crypto Exchange as a Clearing House
Indonesia anticipates using its national cryptocurrency exchange to serve as a clearing house and custodian for the regional cryptocurrency market. The ministry’s cryptocurrency exchange will act as a go-between, ensuring that transactions are successful.
However, local crypto exchanges will control the flow of assets between two parties in their capacity as custodians.
In the beginning, the nation planned to introduce its official cryptocurrency exchange toward the end of 2021. However, Indonesia didn’t begin until the end of 2022 due to numerous challenges
In November last year, the Financial Services Authority (OJK) in Indonesia was granted authority over the cryptocurrency industry and trades in order to better protect consumer interests, which had previously been under the jurisdiction of the country’s Trade Ministry and the Commodity Futures Trading Regulatory Authority.