- The Indonesian regulation authority will launch its national crypto exchange soon.
- All cryptoy transactions in the country must happen through this exchange.
- This move hopes to bring regulation to the crypto market whilst complying with local laws.
Indonesia is gearing up to launch its own national cryptocurrency exchange in July 2023, according to local news outlet Tempo. The Commodity Futures Trading Supervisory Agency (Bappebti) is spearheading the initiative and has set a target date for the exchange’s debut.
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Bappebti’s head, Didid Noordiatmoko, reveals that all crypto transactions in the country must go through the national exchange. The move aims to regulate the crypto market and ensure compliance with local laws and regulations.Â
In addition, Noordiatmoko stressess the agency’s intention to align crypto sales with trends in other global markets whilst also prioritizing local transactions. Above all, the national exchange will provide a secure and reliable platform for trading cryptos.
Moreover, it offers a tested and proven user-friendly platform. The Minister of Trade, Zulkifli Hasan, is overseeing the project and gets regular reports. He will grant the necessary permission for authorized traders to join the exchange if no further orders or changes are made.
The move to set a national crypto exchange in Indonesia was set in motion in 2021. The idea came when leaders of a local telecom company partnered with Binance, and the backing of the government.Â
The joint effort aimed to leverage Binance’s expertise and technology to build a robust and compliant exchange for the Indonesian market. Now with the launch of the national crypto exchange, Indonesian traders can leverage a regulated and secure platform to buy, sell, and trade digital assets.Â
Lastly, it will also facilitate the growth of the local crypto industry and contribute to the nation’s broader digital economy. As the launch date approaches, stakeholders and traders eagerly await the arrival of the new exchange. Its arrival will mark a significant milestone in Indonesia’s crypto landscape.
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