Indonesia has taken a significant step in strengthening its regulatory oversight of the cryptocurrency sector with the launch of its national crypto asset exchange. The exchange, operated by PT Bursa Komoditi Nusantara, will list licensed crypto companies, including Binance’s Tokocrypto, and will be instrumental in providing regulators with access to transaction records and ensuring robust investor protection.
The launch of Indonesia’s long-awaited crypto bourse marks a pivotal moment in the country’s approach to regulating and supervising crypto investments. Initially announced in 2021, the project experienced some delays, but with its recent operational debut, it is set to enhance the monitoring of cryptocurrency activities and bolster investor security.
The bourse’s establishment is part of the government’s broader regulatory transition. In November 2022, Indonesia’s finance minister Sri Mulyani Indrawati revealed plans to transfer the authority to regulate and supervise crypto investment to the Financial Services Authority (OJK), with Bappebti and the Trade Ministry were in charge of overseeing crypto activities in the Southeast Asian country.
Speaking about the new exchange, Bappebti’s chief Didid Noordiantmoko, in a statement, said that the bourse will be operated by PT Bursa Komoditi Nusantara, while PT Kliring Berjangka Indonesia will handle the clearing of transactions, with PT Tenet Depository appointed as the crypto asset storage manager.
There were initial plans to launch a national crypto asset bourse in 2021, but there were delays that prevented the venture from taking off. Later in September 2022, Indonesia’s Deputy Trade Minister Jerry Sambuaga stated that there were plans to launch the bourse at the end of the year.
With the crypto asset bourse now operational, the government said that it would enable regulators to have access to transaction records and ensure robust investor protection. Meanwhile, the country’s new crypto asset bourse will list current licensed crypto firms, including Tokocrypto, acquired by Binance in December 2022, and Indodax.
Indonesia Records Nearly 18 Million Crypto Investors in June Indonesia, which banned crypto payments in 2021, has seen a rise in cryptocurrency investments which is allowed in the country. According to Reuters, 17.5 million Indonesians have invested in crypto as of June, a figure far higher than investors in the stock exchange market.
However, economic factors such as rising global interest rates have recently diminished cryptocurrency enthusiasm among investors. Crypto transactions between January and June fell to 67.8% compared to the same period in 2022. Meanwhile, the most traded assets among Indonesians include Bitcoin, Ether, Binance Coin, XRP, and stablecoin Tether.
