As part of the steps to reform crypto regulation in the country, Indonesia is reportedly planning to launch a national cryptocurrency exchange in the country.
The information was disclosed by the country’s head of Commodity Futures Trading Regulatory Agency (Bappebti) Didid Noordiatmoko on Wednesday, January 4, as per a statement by him, a cryptocurrency exchange should be built in 2023, this came following the country’s launch of broader financial reform launched last month.
As per the reform, for the next 2 years, the role of overseeing crypto affairs will be shifted from Bappebti, a commodity-focused agency by the Financial Services Authority.
On December 15, the Indonesian House of Representatives passed the Financial Sector Development and Reinforcement bill (P2SK), a bill that later became the legal financial reference in the country’s financial sector.
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Indonesia Relationship With Crypto
Over time, Indonesia has been having a friendly history with digital assets, both the country and the citizens of the country.
The recent law ratified by its parliament now recognizes virtual assets as financial securities in the country.
Amid the declining prices of digital assets, investors in Indonesia are increasingly making moves to invest in cryptocurrency with over 15.9 million investors recorded in the first 11 months of last year, as opposed to 11 million recorded in 2021 as per a report by The Business Times.
Furthermore, Indonesia has 383 digital assets and 10 local coins which are tradable in the country; there are 10 coins and other 151 assets under review by the country’s financial regulators.
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