• Indonesia plans to launch its national crypto exchange before the end of June 2023.
• The government has identified five active and licensed exchanges from a list of 25.
• This comes after the passing of the Financial Sector Development and Reinforcement Bill which provides regulatory oversight for crypto exchanges in Indonesia.
Indonesia to Launch National Crypto Exchange
Indonesia is set to roll out its national crypto exchange by June 2023, according to Trade Minister Zulkifli Hasan. The project was initially planned for a December 2022 launch but was delayed due to new developments and other official delays.
Financial Sector Development and Reinforcement Bill
The Financial Sector Development and Reinforcement Bill, also referred to as the omnibus law, is now Indonesia’s primary legal reference for the broader financial services industry. It includes provisions on regulatory oversight of crypto exchanges in Indonesia.
A review of digital asset exchanges earmarked to join the national crypto exchange is ongoing, with the government having identified five active, registered exchanges from a list of 25 for the role.
Importance of Proper Regulations
Trade Minister Zulkifli Hasan remarked that proper regulations must be put in place before launching the bourse in order to ensure that members of the public who are still learning about cryptocurrency trading do not get harmed by it.
Growing Crypto Landscape in Indonesia
Indonesia has one of the fastest growing cryptocurrency communities amongst countries around the world, and this new development will go a long way towards furthering adoption within Indonesian borders.