The government of Indonesia has recently inaugurated a new cryptocurrency exchange and clearing house. The state has maintained that it is taking the step to promote the cryptocurrency sector and such that the platforms in question are regulated by the local agencies.
It is important to note that there are no other cryptocurrency exchanges allowed to operate in the country. This crypto exchange is sanctioned as the national crypto exchange.
It has been a week since the national exchange has become operational. The Commodity Futures Trading Supervisory Agency which is known as Bappebti in Indonesia has ordained that it is the only legal crypto trading platform in the region. The national agency opened the doors of the firm to start the July 20th.
The exchange platform is accompanied by a futures clearing house. It is important to note that a clearing house is used to settle the trades between issuers and buyers of arrears or cryptocurrencies in this case.
Only Licensed Cryptocurrency Traders can Register with National Cryptocurrency Exchange
Bappebti has planned to limit cryptocurrency transactions to align trading practices with international markets. To this end, licensed traders in the country are allowed to apply for registration on the exchange platform within a month.
The project was reported to be in progress since 2021. CEO of Tokokrypto, Pang Hue Kai, claimed that it is one of the 25 licensed cryptocurrency platforms in the country. Legislators in the country recognized virtual currencies as regulated financial securities last year in December.
He has also reported that the firm is under partial ownership of Binance Exchange. Kai maintained that the initiation of the project is a positive catalyst for the crypto industry of the country. The officials have announced a launch by the end of 2022 which was delayed and happened during the second quarter of the current year.
Trade Minister Zulkifli Hasan has told the media that any cryptocurrency exchanges that are registered with the national crypto platform may start operating in the country.
Jerry Sambuaga the Deputy Trade Minister of Indonesia has maintained that the current year is going to be an ideal year for the development of the cryptocurrency market. One of the important prerequisites set by the government for crypto enterprise is mandating hiring 2/3rd the workforce such as directors and commissioners to be Indonesian citizens.
As part of its crypto promotional campaign, the trade minister’s office also celebrated Crypto Literacy Month in Jakarta in February this year. Since its launch, the Federal Services Authority of Indonesia has assumed the responsibilities of the main regulator of the national crypto exchange.
On another occasion, Bappebti issued a report showcasing the increasing interest in cryptocurrencies in the country. The report has marked the crypto market as having high growth potential. The statistics issued by the state agency have also mandated in 2021 around 4% of the total population of the region or 11 million citizens have invested in some type of cryptocurrencies.
While the country has made exponential growth in the promotion of the crypto industry but it is also laterally working on a CBDC project. Governor Perry Warjiyo has declared that it is that CBDC project under development is going to be the only legal tender in the country.