The Indonesian government has introduced the country’s cryptocurrency exchange and clearinghouse to increase control of the cryptocurrency sector and also improve investor protection in the country.

The launch of the new crypto asset exchange comes after an initial announcement in 2021.

National Crypto Exchange Finally Launches

The Indonesian crypto exchange, which went live earlier in the week according to the country’s Commodity Futures Trading Regulatory Agency (Bappebti), comes amid the government’s transition in regulatory oversight.

In November 2022, Indonesian finance minister Sri Mulyani Indrawati revealed that the government was planning to transfer the authority to regulate and supervise crypto investment to the Financial Services Authority (OJK). Bappebti and the Ministry of Commerce were in charge of overseeing crypto activities in the Southeast Asian country.

Speaking about the new exchange, Bappebti head Didid Noordiantmoko said in a statement that the exchange will be operated by PT Bursa Komoditi Nusantara, while PT Kliring Berjangka Indonesia will handle transaction clearing, with PT Tenet Depository designated as the crypto asset storage manager.

There were initial plans to launch a national crypto asset exchange in 2021, but there were delays that prevented the venture from getting off the ground. Later, in September 2022, Indonesian Vice Minister of Commerce Jerry Sambuaga stated that there were plans to launch the exchange by the end of the year.

Now that the crypto-asset exchange is operational, the government said it would allow regulators access to transaction records and ensure strong investor protection. Meanwhile, the country’s new crypto asset exchange will list current licensed crypto companies, including Tokocrypto, acquired by Binance in December 2022, and Indodax.

Indonesia Records Nearly 18 Million Crypto Investors in June

Indonesia, which banned crypto payments in 2021, has seen an increase in cryptocurrency investments allowed in the country. According to Reuters, 17.5 million Indonesians have invested in cryptocurrency as of June, far more than investors in the stock market.

However, economic factors such as rising global interest rates have recently dampened enthusiasm for cryptocurrencies among investors. Crypto transactions between January and June fell 67.8% compared to the same period in 2022. Meanwhile, the most-traded assets among Indonesians include Bitcoin, Ether, Binance Coin, XRP, and the Tether stablecoin.

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