Indonesia launches its crypto-exchange and clearinghouse

Indonesia launches its crypto-exchange and clearinghouse

The platform will be monitored by local regulators and the only place in the country that allows the legal exchange of digital asset.

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According to a Bappebti statement, the national cryptocurrency exchange that was announced by the Indonesian Government a week earlier has now begun operating. This platform will be Indonesia’s only legal space for the exchange of digital assets.

Bappebti has confirmed that the exchange will open on the 20th of July. The agency also established a clearing house for futures along with the exchange. A clearinghouse mediates between the buyer and seller to ensure a smooth transaction.

Bappebti was said to limit cryptocurrency sales in local transactions, while still keeping up with the international market. Licensed traders have a month to join the exchange.

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In September 2022, Pang Hue Kai, CEO of Tokokrypto — one of 25 licensed crypto exchanges in Indonesia that is partly owned by Binance — called the project “a catalyst for the Indonesian crypto ecosystem”. Pang Hue Kai — CEO of Tokokrypto, one of the 25 licensed crypto exchanges that are part-owned by Binance in Indonesia — described the project as “a catalyser for the Indonesian cryptocurrency ecosystem” in September 2022.

The exchange’s launch was originally scheduled for 2022 but has been delayed until June 2023 because of the review of potential participants. Zulkifli hasan, the Trade Minister of the country at the time, announced that any crypto exchange with a national registration was welcome to join the exchange.

Jerry Sambuaga suggested that several policy changes would be made in 2022 to respond to “interesting” year of development for physical trading of cryptoassets. One of them was the requirement that two-thirds (or more) of the directors and commissioners in crypto firms be Indonesian citizens.

According to Bappebti, Indonesia remains a lucrative market for crypto. In 2021, approximately 4% of the population, or just over 11 million people , had invested in cryptocurrency.

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