Indonesia To Introduce a National Crypto Exchange In 2023

  • January 6, 2023
  • Jennifer Moore
Indonesia To Introduce a National Crypto Exchange In 2023

2023 has started with great news from countries worldwide. Indonesia plans to shift the regulatory surveillance from the commodities agent to securities personnel.

A Shift In Regulatory Power From Commodities to FSA

According to reports, Indonesia will develop a crypto exchange as a part of crypto regulation reforms. The plan is to develop the platform before launching the shift in regulations from commodities to securities administrations.

On the 4th of Jan, Didid Noordiatmoko the head of ‘The Commodity Futures Trading Regulatory Agency Indonesia’ stated that the crypto exchange will be set up in 2023. The shift is a part of wider financial reform that was released in December 2022.

According to the reform, the crypto oversight will shift from the commodities agency of Bappebti and provided to the Financial Services Authority of the country.

Also Read: Morocco Central Bank Confirms Finalizing Bill for Crypto Regulations Framework 

Indonesia To Introduce A National Exchange Platform & ‘Digital Rupiah’

In 2017, Indonesia imposed a ban on crypto payments while trading virtual assets was still legal in the country. At the beginning of January, Noordiatmoko disclosed that the crypto transaction value in Indonesia has been down by half from $ 55 million to $ 19 million in 2022.

On 15th December, the Representatives House of Indonesia approves the Financial Space Development and Reinforcement Bill to become the main lawful reference in the financial service industry. Therefore, as passed in the bill, explains the shift of legal authorities from Bappebti to the FSA.

The head of Financial and Risk Management of the country’s finance ministry, Suminto Sastrosuwito stated that crypto assets have become a financial instrument and investment that needs regulations equal to other similar financial investment instruments.

The Governor of the Bank of Indonesia, Perry Warjiyo announced the release of the basic design of the digital rupiah. The CBDC will hold a similar value to the country’s fiat currency.

Also Read: Turkey To Implement a Blockchain Based Digital Identity Application In E-Government

In Conclusion

2023 has kickstarted with several new initiatives by different countries, especially in the crypto sector. Indonesia has taken a step ahead to enter the bandwagon.

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