The Trade Minister of Indonesia confirmed the news recently in Jakarta, with the crypto exchange’s launch being pushed ahead from 2022.
The crypto industry in Indonesia witnessed a positive development as the country’s Ministry of Trade has reportedly decided to start a crypto exchange by June 2023. It was previously targeted to be launched by December 2022 but has been postponed by six months.
The Trade Minister of Indonesia, Zulkifli Hasan, said “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],” indicating that the government would be taking a measured approach towards rolling out the exchange, and urged the public to stay patient. He announced the launch of the crypto exchange at the Crypto Literacy Month held in Jakarta and claimed the government is currently going through the list of countries eligible to be a part of the exchange.
The new crypto exchange would act as a clearing house, being the mediator between the buyer and seller, and also as a custodian, managing the movement of assets between two parties. It would likely encompass all the five crypto exchanges currently operative in Indonesia, as claimed by Zulkifli.
The regulation for the crypto sector in Indonesia would also move to the Financial Services Authority after the creation of the exchange. New regulations for the sector were also introduced in Indonesia in 2022, while a digital currency is also in the works.