The Indonesian government recently launched a public crypto exchange, which will be the major platform for trading digital assets.
The Indonesian government has launched a public crypto exchange recently. The crypto industry has lauded the exchange, which was in the works for a long time. The country’s Commodity Futures Trading Supervisory Agency (Bappebti) announced the national crypto exchange’s launch.
The regulator has also initiated the launch of a clearing house with the exchange. The government had planned the national crypto exchange in 2021 but had postponed it for various reasons. The exchange would function like stock exchanges like the New York Stock Exchange rather than private crypto exchanges.
“The establishment of exchanges, clearing houses and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers,” said the head of Bappebti, Didid Noordiatmoko.
The Indonesian government has worked on multiple initiatives that could help its crypto ecosystem. As a result, almost 11 million Indonesians have invested in crypto. Moreover, Bappebti would work with the country’s central bank, the Financial Services Authority (OJK), and the government’s Ministry of Finance.
Central government agencies collaborating to run the exchange could be a game changer for the crypto industry. It could streamline processes and remove bottlenecks for crypto firms in Indonesia.