Indonesia to Launch National Crypto Exchange in 2023: Report

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As part of its crypto regulatory reform, Indonesia will establish a crypto exchange in 2023, according to reports. The platform is expected to launch before the transfer of commodity regulatory power to the securities authority.

On January 4, the head of the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), Didid Noordiatmoko, said that a crypto exchange is expected to be set up this year. This decision is part of a broader financial reform launched in December 2022.

In line with the reform, over the next two years, crypto oversight will be removed from commodity-focused agency Bappebti by the Financial Services Authority (FSA).

The Financial Sector Development and Strengthening Bill (P2SK) was ratified by the Indonesian House of Representatives on December 15 to become the main legal reference in the financial services sector. Explaining the transfer of authority from Bappebti to the FSA, cemented by the bill, Suminto Sastrosuwito, Head of Finance and Risk Management at the National Ministry of Finance, asserted that:

In fact, crypto-assets have become investment and financial instruments, so they should be regulated on an equal footing with other financial and investment instruments.

Indonesia imposed a blanket ban on crypto payments from 2017, while trading in digital assets remained largely legal in the country. In the early days of January, Noordiatmoko revealed that the value of crypto transactions in the country had halved in 2022, from 859.4 trillion Indonesian rupiah ($55 million) to $296.66 trillion ($19 millions of dollars).

Related: Majority of Crypto Exchange Leaders Should Be Citizens, Indonesian Regulators Say

In December, Bank Indonesia Governor Perry Warjiyo announced the release of the concept design for a digital rupee, a currency equivalent to the country’s fiat, which will be made available to the public.

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