Previously, Indonesia’s financial services regulator hoped to set up a crypto exchange by the December 2022 which got delayed to several obstacles. However, Indonesia’s Ministry of Trade has reset the plan and aims to roll out a national crypto exchange by June 2023, i.e six months after its previous target.
Zulkifli Hasan, the Trade Minister shared this new target on February 2, 2023, at the opening of Crypto Literacy Month at Jakarata. The local reports also revealed that the government is reviewing all the companies that meet the criteria to be a part of the process.
So far, five active crypto exchanges in Indonesia are registered with the country‘s regulators. Reportedly, the ministry also plans to encompass these crypto exchanges for the plan. However, these exchanges are currently facilitating all trades with the nation but the ministry’s exchange would specifically act as a clearing house and custodian partner for the local crypto market.
The term “clearing house” refers to the mediator between buyer and seller who aims to ensure smooth transactions. Alongside, it is also seen as a custodian who would be responsible for managing the movement of the assets between the two parties.
Today, crypto assets in the country are traded alongside commodity contracts. Also, they are supervised by the Commodity Futures Trading Regulatory Agency known as Bappebti. The creation of a national exchange would also shift regulatory power to Financial Services Authority.
On December 5, 2022, Bank Of Indonesia‘s Governor Perry Warjiyo announced that the Central Bank Digital Currency that it planned to launch would be the only digital ledger tender in the country.