Indonesia aims to create its national cryptocurrency exchange this year as part of its crypto regulatory reform.
The FTX crisis of the past year has caused many crypto exchanges to move on their toes. Developments that led to the loss of confidence of crypto investors increased their regulatory needs in the new year. Many countries are working hard to ensure that crypto exchanges act within an audit. Indonesia, on the other hand, has focused on creating a national cryptocurrency exchange as part of its crypto regulatory reform.
Indonesia Plans To Create A Crypto Exchange This Year
Didid Noordiatmoko, head of the Indonesian Commodity Futures Trading Regulatory Authority (Bappebti), reported that a crypto exchange should be set up this year. This move comes after crypto reforms launched late last year.
This national crypto exchange is slated to launch before the country’s regulatory power transitions from commodities to securities authority. In the crypto reforms that emerged at the end of last year, the fate of crypto surveillance over the next two years was covered. Crypto oversight in the country will shift from Bappebti, a commodity-focused organization, to the side of the Financial Services Authority (FSA).
Suminto Sastrosuwito, head of Finance and Risk Management, described the transition of regulatory power from Bappebti to the FSA as follows;
“Actually, crypto assets have become investment and financial instruments, so they need to be regulated on an equal footing with other financial and investment vehicles.”
