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A Milestone for Indonesian Crypto Industry
A week after its initial announcement, Indonesia's National cryptocurrency exchange has officially commenced operations as per an announcement from the country’s Commodity Futures Trading Supervisory Agency, also known as Bappebti. This platform distinguishes itself as the only legal channel for the exchange of digital assets within the nation.
Trading Platform and Clearing House
Bappebti officially opened the doors to the exchange on the 20th of July. Alongside this development, the regulatory agency has successfully set up a futures clearing house associated with the exchange, which will act as a mediator between buyers and sellers, ensuring the credibility and smoothness of transactions.
Local Restrictions and International Alignment
The agency had previously indicated it would limit cryptocurrency transactions to domestic deals, mirroring the progression of international crypto markets. All licensed traders are provided with a one-month window to register with the exchange.
Crypto Evolution in Indonesia
Bappebti has been developing this project since December 2021. Back in September 2022, CEO of Tokokrypto Pang Hue Kai anticipated this initiative as being a pivotal point for the evolution of the Indonesian crypto space. The unveiling, initially scheduled for late 2022, had been pushed to June 2023 due to the scrutinization of potential participants in the exchange.
Policy Changes in Response to Crypto Trading Developments
Last year, Jerry Sambuaga, the deputy minister of Indonesia’s Ministry of Trade, proposed a series of policy revisions in response to the intriguing evolution of physical crypto asset trading. These included a mandate for two-thirds of the directors and commissioners in cryptocurrency firms to be citizens of Indonesia.
Indonesia as a Crypto Asset Market
According to data from Bappebti, the Indonesian market continues to be a vibrant arena for the crypto industry. Approximately 4% of the country's population, or nearly 11 million individuals, invested in cryptocurrency in 2021.
