The Indonesian government recently announced the launch of its national cryptocurrency exchange, as confirmed by the country’s Commodity Futures Trading Supervisory Agency (CFTRA). Licensed traders have one month to join the exchange, which is the only platform in the country that allows legal exchange of digital assets.
The project has been in the works since December 2021, with the launch planned for the end of 2022. However, the process of reviewing potential participants of the exchange delayed the launch to June 2023. Pang Hue Kai, CEO of Tokokrypto — one of 25 licensed crypto exchanges in Indonesia — described the project as “a catalyst for the Indonesian crypto ecosystem”.
In 2022, Jerry Sambuaga, deputy minister of Indonesia’s Ministry of Trade, proposed policy changes such as a rule requiring two-thirds of directors and commissioners at crypto firms to be Indonesian citizens.
CFTRA data shows that in 2021, 4% of Indonesia’s population, approximately 11 million people, invested in cryptocurrencies. The country remains an attractive market for the crypto industry.
The launch of the national cryptocurrency exchange provides a unique opportunity for the Indonesian crypto ecosystem to move forward and develop.