Indonesia has announced that their national crypto exchange is now operational.
The exchange was supposed to open by the end of 2021, but was delayed several times. Zulkifli Hasan, Indonesia’s minister for trade, stated that he was not going to ‘rush’ the opening if it was not ready.
The opening of this new exchange is intended to protect consumers, and will function as a futures clearing house as well.
Didid Noordiatmoko, head of Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti), pointed to the platforms’ establishment as evidence of the government’s efforts to create a fair crypto ecosystem.
“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 crypto asset trading ecosystem to guarantee legal certainty and prioritise protection for the public as customers.”
The exchange is also expected to contribute to Indonesia’s economy by increasing state revenues. Bappebti will work with the country’s Financial Services Authority, the country’s central bank Bank Indonesia, and the Ministry of Finance in running the platform.
Indonesia has been a hotbed for crypto activities over the past few years, with the country ranked 20th worldwide on the global crypto adoption index.
USDT, Bitcoin, Ethereum, Ripple, and Binance Coin are among the top cryptocurrencies traded by Indonesians.
Crypto trading volumes declined during the first half of the year, a trend which Bappebti head Noordiatmoko to insufficient regulation and raising of interest rates by the US Federal Reserve.