News

Indonesia plans national crypto exchange

CryptoA state-backed crypto exchange is set to be created in Indonesia ahead of the reform of financial supervision.

The plan comes from the Commodity Futures Trading Regulatory Agency, also known as Bappebti, which is currently responsible for supervising crypto assets.

This supervisory power is due to be transferred to Indonesia’s Financial Services Authority as part of an economic reform plan that will be implemented over the next two years.

According to Bappebti acting head Didid Noordiatmoko, the exchange should be set up before the change in regulation.

Indonesia has adopted a broadly supportive stance in terms of digital assets, issuing a white paper on its digital currency plans and passing a law recognising cryptocurrency and digital assets as regulated securities.

The number of crypto investors in the country also grew during 2022, from 11.2 million in 2021 to 16 million. However, the value of crypto trading fell significantly during the same period, from $55 billion to $30 billion.

© 2023 fundsTech