The Indonesian Crypto Exchange is Targeted to Realize in 2023
Will launch before the regulatory authority is handed over from CoFTRA to OJK
Government plans to launch crypto asset trading exchange last year did not materialize. However, as reported Bloomberg, the Commodity Futures Trading Regulatory Agency (Bappebti) ensures that its realization will materialize in 2023.
Plt. Head of Bappebti Didid Noordiatmoko said that the establishment of a crypto exchange would take place this year before the authority to administer the crypto industry was transferred to the Financial Services Authority (OJK). Currently, trading in crypto assets is still under the supervision of Bappebti.
Delivered in virtual outlook CoFTRA 2023 (04/1), Didid revealed that this transition of authority was carried out as part of a wider financial sector reform. One of them is the taking over of authority over the administration of crypto assets for the next two years. In that period, crypto exchanges should have been formed.
The crypto exchange will become an open platform for relevant stakeholders by prioritizing comprehensive consumer protection and creating a secure crypto ecosystem.
As of October 2022, Indonesia has as many as 16,4 million crypto investors, surpassing capital market investors 9,98 million. There are 383 crypto assets and 10 local coins being traded in Indonesia, while 151 assets and 10 coins are currently being reviewed by CoFTRA.
Meanwhile, crypto trade transactions in the January-October 2022 period fell 61% to IDR 279,8 trillion from IDR 717,99 trillion in the same period last year. The decline in crypto transaction volume was mainly due to the domino effect of the global macroeconomic crisis.
On the same occasion, Didid also revealed the reason the launch of the crypto exchange stagnated last year, namely difficulty finding branch marking which has a crypto exchange according to the Indonesian market. This makes ecosystem development late. They want to make sure they can build a crypto trading ecosystem properly
"Currently, there is only physical and customer trading. If there are problems with both, this is the responsibility of CoFTRA and the risk cannot be shared with others. In fact, exchanges, clearing and custodians that are built will share these risks," he explained. as quoted from Investor.id.
The Indonesian government has provided support for the development of the crypto industry in the country. In the report "Indonesia Crypto Outlook Report 2022", the government's move through Bank Indonesia (BI) to develop the Central Bank Digital Currency (CBDC) became one of the main highlights last year.
This plan is marked through publication white paper The Garuda project as a step for the development of Digital Rupiah. Regardless of developments, BI continues to ensure that Digital Rupiah will become the only legal digital payment instrument in Indonesia.