Indonesia’s Crypto Exchange and Clearinghouse Now Operational

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Indonesia’s Crypto Exchange and Clearinghouse Now Operational

After multiple delays, Indonesia’s new exchange and clearinghouse for cryptocurrencies is now operational, according to the country’s commodities regulator. The government had initially planned to launch the platform by the end of 2021, but the most recent delay in February pushed the start date back to July 17. The government-approved market is more like a traditional securities market than crypto exchanges like Binance or Coinbase.

The establishment of exchanges, clearinghouses, and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers, said Didid Noordiatmoko, head of the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti). Bappebti will work with the country’s Financial Services Authority (OJK), the central bank, and the Ministry of Finance in running the platform. According to Noordiatmoko, the crypto exchange is designed to help the local industry run smoothly and mitigate crypto-related risks.

Indonesia has become a fast adopter of crypto assets, with the government showing interest in growing the sector to benefit the local economy and the country’s global exposure.