• Indonesia’s Trade Ministry has announced that it plans to launch a national crypto exchange by June 2023.
• This comes after the passing of the Financial Sector Development and Reinforcement Bill, which provides regulatory oversight for crypto exchanges in the country.
• The government has identified five active, registered exchanges from a list of 25 to be part of the new bourse.
Indonesia to Unveil National Crypto Exchange by June
The crypto landscape in Indonesia could see a national crypto exchange before the end of June this year. Initially, Indonesia planned to launch its crypto bourse before the end of 2022 but due to delays and other official reasons, they had to push back the rollout date until now.
Financial Sector Development and Reinforcement Bill
In December 2020, lawmakers in Indonesia’s House of Representatives passed a financial sector development bill called “the omnibus law”. This law provides regulatory oversight for crypto exchanges as well as other aspects of the broader financial services industry.
Selection Process for Participating Exchanges
At present, there is an ongoing review process for digital asset exchanges that are looking to join the national crypto exchange. The Indonesian government has identified five active and licensed platforms from a list of 25 that will be part of this new bourse.
Trade Minister Comments on Upcoming Bourse
Commenting on this upcoming development, Indonesia’s Trade Minister Zulkifli Hasan said there is need for everything to be done correctly in order to ensure that all safeguards are put into place before launching it. He emphasized that rushing into this project could result in harm coming to those who are still learning about trading with cryptocurrencies.