• Indonesia is set to launch its national crypto exchange by June 2023.
• The Indonesian government has identified five active and registered exchanges from a list of 25 to join the bourse.
• The Financial Sector Development and Reinforcement Bill is now Indonesia’s primary legal reference for the broader financial services industry, including crypto exchanges.
Indonesia Set to Launch National Crypto Exchange
Indonesia is set to roll out its national crypto exchange in the next few months, according to the country’s Trade Ministry. Originally planned for December 2022, the launch date was pushed back due to new developments and official delays. However, with lawmakers passing the Financial Sector Development and Reinforcement Bill in December 2020, which covers regulatory oversight of crypto exchanges, a review of digital asset exchanges earmarked for inclusion on the platform is currently ongoing.
Five Exchanges Selected
The Indonesian government has identified five active and registered exchanges from a list of 25 that will join the bourse upon launch. This comes after previously suspending licensing of new exchanges. Trade Minister Zulkifli Hasan has said there is need for everything to be done properly in order to protect users who are still learning about crypto trading before launching the project.
Omnibus Law as Regulatory Reference
The omnibus law passed by House representatives last December serves as Indonesia’s primary legal reference for the broader financial services industry, including cryptocurrency exchanges. As such, it outlines regulations that should be followed when trading digital assets within Indonesia’s borders in order to protect investors from harm or loss due to lack of knowledge about cryptocurrencies or lack of proper regulation when trading them on any given platform.
Fastest Growing Crypto Community
Indonesia has one of the fastest growing crypto communities worldwide and continues taking steps towards greater adoption and usage of cryptocurrencies within its borders. With this latest news on their national crypto exchange coming closer than ever before, more citizens are likely become interested in investing in digital assets and take advantage of their potential benefits as an alternative form of payment or investment vehicle.
June 2023 Launch Date
The Indonesian government aims to have their national cryptocurrency exchange ready by June 2023 at the latest – only a few months away from now! Until then, questions remain regarding how far along with its development they are currently at but all indications point towards an imminent launch which could drastically revolutionize how people trade digital assets within Indonesia’s borders moving forward into 2021 and beyond if successful!