Indonesia will launch a crypto exchange in July 2023

Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) will open a national crypto exchange, the launch is scheduled for July 2023. After that, any trading operations with cryptocurrency in the country will be carried out only through this platform.

“Yesterday we agreed on the rules of the exchange. The principle of “know your customer” (KYC) is regulated there,” the department noted.

Representatives of Bappebti also clarified how they prepared for the launch of the crypto exchange. The regulator has already conducted system integration tests between traders, exchanges, clearing house and depository.

The agency also sent a message to the Minister of Trade of Indonesia about plans to launch a crypto exchange. If there are no other instructions, the head of Bappebti will sign a permit that will give licensed traders one month to join the platform.

In 2021, the head of the Central Bank of Indonesia, Perry Varjiyo, announced the regulator’s intention to issue its own national digital currency (CBDC). At the moment, Indonesian legislation prohibits the use of cryptocurrencies as a payment instrument, but trading in digital assets is allowed in the country.

In 2018, the Tokocrypto crypto exchange was officially launched in the country. The platform became the first crypto company in Indonesia approved by Bappebti. Since 2020, Binance has been one of the investors of the exchange.

At the end of May, the Bali authorities announced that they intend to fight foreign tourists paying with cryptocurrency in hotels, restaurants, tourist centers, shops and other places. Tourists can be deported, violators also face administrative and criminal penalties, closure of commercial premises, bans on payment transactions and other harsh sanctions.