Indonesia launches its crypto exchange and clearing house

About a week ago it became clear that Indonesia was planning to have a national cryptocurrency exchange operational within weeks. This crypto exchange has now officially launched. The new platform will be the only space in the country where the legal exchange of digital assets will be allowed.

Crypto exchange went live yesterday

The crypto exchange reportedly officially went live yesterday on July 20. In addition, a futures clearing house would have been established together with the new crypto exchange. Such a clearing house mediates between a buyer and seller and in fact ensures that the transaction runs smoothly.

Earlier it became clear that cryptocurrency sales would be limited to local transactions, while remaining in line with international market developments. Licensed traders now have one month left to join the crypto exchange.

In the making since December 2021

It is known that this project has been worked on since at least December of 2021. A few months later, in September 2022, Pang Hue Kai, the CEO of Tokokrypto called the project a “catalyst for the Indonesian crypto ecosystem.”

The exchange was originally scheduled to launch at the end of 2022. However, this launch was postponed to June 2023 due to the review process of potential crypto exchange participants.

At the time, the country’s Commerce Minister Zulkifli Hasan announced that all active crypto exchanges with a national registration could start joining the exchange.

Policy changes proposed

In 2022, the deputy minister of the Indonesian Ministry of Commerce, Jerry Sambuaga, proposed several policy changes in response to the “interesting year for the development of physical trading of crypto assets.”

Read Also:  Top Doctors grows 37% in 2023

Among them was a requirement that about 66% (two-thirds) of the directors and supervisory directors at crypto companies had to be Indonesian citizens.

According to Bappebti data, the country remains an attractive market for the crypto industry. By 2021, about 4% of the country’s population, or just under 11 million people, had invested in crypto.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here