• The Trade Ministry of Indonesia plans to have a national cryptocurrency exchange set up before June 2023.
• The Indonesian government is currently reviewing five active exchanges out of the 25 registered exchanges with the Commodity Futures Trading Regulatory Agency.
• The moratorium on the issuance of new crypto exchange licenses has been recently lifted.
The Trade Ministry of Indonesia is aiming to set up a national cryptocurrency exchange by June 2023, as per a local news report. This is part of the regulatory reforms adopted by the Indonesian House of Representatives in December.
The Indonesian government is currently reviewing five crypto exchanges that will be part of the national bourse. These five exchanges are out of the 25 exchanges that are registered with the Commodity Futures Trading Regulatory Agency, as per the report. Trade minister Zulkifli Hasan said that all five exchanges might be part of the ministry’s crypto exchange.
The setting up of the crypto exchange was delayed since the Indonesian government had placed a moratorium on the issuance of new crypto exchange licenses. This moratorium had attracted criticism from people who believed that the government was unnecessarily „making things difficult,“ but Hasan said that the moratorium was necessary in order to „clear the regulations“.
The Trade Minister has warned against rushing the establishment of the national crypto exchange as it may cause „things to get messy“ if it is not done properly. He also said that the government does not want the public to suffer from something they are not well-informed about.
The Indonesian government is now working towards having the national crypto exchange set up before June 2023. This could be beneficial for the country as it would help create a more secure and regulated environment for trading cryptocurrencies. It would also provide investors with access to a more reliable platform for trading.