Indonesia to launch Crypto Exchange in July 2023, regulator says.

The Futures and Commodity Trading Regulatory Agency (Bappebti) has announced that Indonesia is launching its national crypto exchange in July 2023. Bappebti, short for the Futures and Commodity Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi), is an agency in Indonesia responsible for regulating futures trading, commodity trading, and now, cryptocurrency trading. 

Its main role is to oversee and ensure the transparency, fairness, and integrity of these markets within the country. Bappebti aims to promote the use of local crypto coins while staying updated on international market developments. 

According to the regulator, after the inauguration of the exchange, every crypto-based transaction within the country will be done via the exchange. This is not the first time the country has announced the launch of a national crypto exchange.

First in 2022, it announced that it was going to have an exchange at the end of the year. By the last day of the year, no exchange as projected was in view. 

Then in Q1 2023, another announcement was made on a new date stated as being before June 2023. Now, July is the latest date for the project, which would include at least five of already registered exchanges in the country, to be in operation.

Regulations in place for the launch

Speaking about the project, Didid Noordiatmoko, the head of Bappebti, said that discussions on the rules and regulations that will drive the exchange have been completed with the necessary authorities. 

Part of the requirements for users is a KYC process and other security measures to ensure proper use, and user protection, on the exchange.

He also added that in collaboration with CoFTRA, a test run has been done to get the exchange ready. 

He noted that the goal of the exchange is to have crypto coins sold locally while keeping up with international market developments.

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