Indonesia To Establish A New Crypto Exchange This Year
Before transferring control of these assets from a commodities agency to the Financial Services Authority (FSA), Indonesia wants to establish a cryptocurrency exchange in 2023.
The Commodity Futures Trading Regulatory Agency, or Bappebti, oversees the trading of crypto assets in Indonesia alongside commodity contracts. According to Didid Noordiatmoko, acting chairman of Bappebti, the FSA will take over regulatory control of the assets over the next two years. This is a part of a larger financial sector reform, by which time the exchange ought to be established.
Also read: Crypto News Live Updates Jan 4: SBF Pleads Not Guilty; Solana Price Spikes
Crypto assets in Indonesia
With another 151 assets and 10 local coins being evaluated by Bappebti, there are currently 383 crypto assets and 10 local coins that can be traded in Indonesia. Even though the crypto market saw a decline in activity in 2022, new investors are still pouring money into it. In the first eleven months of the year, there were 16 million cryptocurrency investors in Indonesia. This is up from 11.2 million at the end of 2021. During that time, trading value decreased from the 859 trillion rupiah. They witnessed the year before to about 300 trillion rupiah worth 25.8 billion USD.
Also read: US Federal Watchdogs Issue Joint Warning on Crypto Activities
Despite being apprehensive about cryptocurrencies competing with the rupiah, Indonesia has been supportive of cryptocurrencies. Rupiah is the only legal cash in the nation. A recently passed law recognizes cryptocurrencies and other digital assets as regulated financial securities. The central bank has published a White Paper outlining its digital currency.
Indonesia’s announcement of new laws for exchanges
In the month of October 2022, Indonesia announced to make its crypto exchange regulations strict. They banned the licensing for the crypto exchanges in the announcement which did not indicate when the ban will be uplifted. When the news of Southeast Asia putting strict laws on cryptocurrencies came, the parliament of Indonesia proposed these new regulations. Cryptocurrency has been booming in the region, despite having a tumultuous crypto year in 2022.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
