Following several delays, Indonesia’s new cryptocurrency exchange and clearinghouse is now open for business, the nation’s commodities regulator announced on Thursday.The government had intended for operations to begin by the end of 2021, but delays—the most recent occurring in February—have caused the launch to be delayed.The release states that the long-awaited market has been open since July 17.
Given that it is government-approved, the platform is more comparable to a regular stocks market, such as the New York Stock Exchange, Nasdaq, Tokyo Stock Exchange, etc., than to cutting-edge crypto exchanges like Binance or Coinbase.
“The establishment of exchanges, clearing houses and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers,” Didid Noordiatmoko, head of the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti), said in a statement.
In order to run the platform, Bappebti will collaborate with the Financial Services Authority (OJK), the national bank, and the Ministry of Finance.Noordiatmoko claims that the cryptocurrency exchange is intended to reduce cryptocurrency-related risks and assist the local sector in running efficiently.As a result of the government’s ambition in expanding the industry for the benefit of the local economy and the country’s international exposure, Indonesia has emerged as a quick adopter of crypto assets.