- CFTRA said Indonesia’s national crypto exchange is now up and running. Together with it, the authorities have established a clearing house.
- In a statement, the head of the regulator reiterated that it is the only licensed virtual asset service provider. What will happen to other crypto exchanges is not yet known.
The Commodity Futures Trading Supervisory Commission of Indonesia (CFTRA) has announced the launch of a cryptocurrency exchange and clearing house. The platform will become the only licensed digital asset service provider (VASP).
“The establishment of exchanges, clearing houses and custodial services shows that the government is making efforts to create a fair and just crypto asset trading ecosystem, to guarantee legal certainty and prioritize the protection of the public,” emphasized the regulator’s chairman Didid Noordiatmoko.
In addition to CFTRA, the country’s Financial Services Authority (OJK), the central bank and the Indonesian Ministry of Finance will oversee the platform, CoinDesk Indonesia reported, citing the head of the regulator.
There are 17.54 million cryptocurrency users in the country, Didid noted. In June, market trading volume in digital assets totaled 8.97 trillion Indonesian rupiah (about $600 million). The commission chief thus emphasized the need to develop the platform.
The project for a national cryptocurrency exchange in the country began to be developed as early as 2021. It was postponed several times until the final launch date was announced in July 2023.
Reminder, traders and brokers have a month to change the site. Whether enforcement action will be taken against the remaining exchanges is not yet known. There are at least five private platforms operating in the country.
At least five private platforms in the country.