The Indonesian government’s national cryptocurrency exchange has officially begun functioning, as confirmed by the country’s Commodity Futures Trading Supervisory Agency, known as Bappebti. The exchange will be the only legal platform for trading digital assets in Indonesia.
Bappebti also established a futures clearing house alongside the exchange, which will facilitate smooth transactions between buyers and sellers. The exchange is open to licensed traders, who have one month to join the platform.
The project has been in development since at least December 2021 and was initially planned for launch at the end of 2022. However, the launch was delayed to June 2023 due to the review process of potential participants. In September 2022, Pang Hue Kai, CEO of Tokokrypto, one of the 25 licensed crypto exchanges in Indonesia partly owned by Binance, referred to the project as a catalyst for the Indonesian crypto ecosystem.
In response to the rapid development of physical trading of crypto assets in 2022, the Indonesian Ministry of Trade proposed policy changes, including requiring two-thirds of directors and commissioners at crypto firms to be Indonesian citizens.
Despite regulatory developments, Indonesia remains an attractive market for the crypto industry, with approximately 4% of the country’s population, or nearly 11 million people, having invested in cryptocurrencies in 2021, according to Bappebti data.