Indonesia Launches National Bitcoin and Crypto Exchange

• According to information from the commodity regulator, Indonesia’s national crypto exchange has finally been launched after multiple delays.
• The government had originally planned to start operations by the end of 2021, but subsequent delays, the latest being in February, led to the postponement.
• Bappebti, the country’s Commodity Futures Trading Regulatory Agency, will operate the platform in conjunction with the Financial Services Authority (OJK), the central bank, and the Ministry of Finance.

According to an announcement made by the commodity regulator in Indonesia, the national crypto exchange for stocks and digital assets has been launched.

Indonesia’s National Crypto Exchange Launched

The government had originally planned to start operations by the end of 2021, but subsequent delays, the latest being in February, led to the postponement. According to the announcement, the long-awaited Nasdaq-style exchange for cryptocurrencies has been operational since July 17.

JUST IN: Indonesia 🇮🇩 has officially launched its national #crypto exchange. pic.twitter.com/4GlmKLFhEa

— CO NEWS (@coinotagen) July 21, 2023

Didid Noordiatmoko, the head of Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), stated in a press release:

“The establishment of exchanges, clearinghouses, and crypto asset custodian managers is evidence of the government’s efforts to create a fair and transparent crypto asset trading ecosystem with legal guarantees and customer protection as a top priority.”

Bappebti will work with the country’s Financial Services Authority (OJK), the central bank, and the Ministry of Finance to operate the platform. According to Noordiatmoko, the crypto exchange is designed to support the smooth functioning of the local sector and reduce risks related to cryptocurrencies.

Indonesia has emerged as a country rapidly embracing crypto assets, and the government is interested in growing the sector to benefit the local economy and enhance the country’s global visibility.

Crypto Currencies Tradable in Indonesia

In June, the Indonesian government released a comprehensive list of tradable cryptocurrencies, demonstrating the increasing acceptance of digital assets. The official document includes over 500 tokens that can be traded in physical markets.

The list includes many well-known cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Solana (SOL), Cardano (ADA), Ripple (XRP), Polkadot (DOT), Sandbox (SAND), Uniswap (UNI), among others.

The decision by the Indonesian government to expand the list of tradable tokens reflects a progressive approach to digital assets. As the country explores regulatory arrangements for cryptocurrencies, the future looks promising for crypto enthusiasts in Indonesia.