As part of his cryptocurrency regulatory reform, Indonesia to create a cryptocurrency exchange in 2023, according to reports. The platform is expected to go live before the regulatory authority transitions from commodity regulation to securities regulation.
On Jan. 4, the director of the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), Didid Noordiatmoko, stated that a cryptocurrency exchange should be created this year. The measure is part of a broader financial reform launched in December 2022.
According to the reformOver the next two years, supervision of cryptocurrencies will shift from Bappebti, an agency focused on commodities, to the Financial Services Authority (FSA).for its acronym in English).
The Development and Strengthening of the Financial Sector (P2SK) bill was ratified by the Indonesian House of Representatives on December 15 to become the main legal reference in the financial services sector. Explaining the change of authority from Bappebti to the FSA, cemented by the bill, Suminto Sastrosuwito, Head of Finance and Risk Management at the national Ministry of Finance, stated that:
“In fact, crypto assets have become financial and investment instruments, so they must be regulated on an equal footing with other financial and investment instruments.”
Indonesia imposed a blanket ban on cryptocurrency payments starting in 2017, while digital asset trading has remained largely legal in the country. In the first days of January, Noordiatmoko revealed that the value of cryptocurrency transactions in the country has halved in 2022: from 859.4 trillion Indonesian rupiah ($55 million) to 296.66 trillion ($19 million).
In December, Bank Indonesia Governor Perry Warjiyo announced the publication of the conceptual design of a digital rupee—a currency equivalent to the country’s fiat—to be made available for public discussion.
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