Indonesia Sanctions National Crypto Exchange and Clearing House

Indonesia's Commodity Futures Trading Supervisory Agency, otherwise known as Bappebti, has taken significant strides with the launch of a national crypto exchange.

The project, which has been in progress since December 2021, gained momentum with the endorsement of Pang Hue Kai, CEO of Tokokrypto, a licensed Indonesian crypto exchange partly owned by Binance.

Kai lauded the project as a catalyst for the Indonesian crypto ecosystem.

Originally scheduled for the end of 2022, the exchange's launch got delayed until June 2023 due to a meticulous review of potential participants.

Trade Minister Zulkifli Hasan announced that all Indonesian-licensed crypto exchanges were eligible to join the platform.

Indonesia Remains Attractive for Crypto

In response to an interesting year for the development of physical crypto asset trading, Jerry Sambuaga, the deputy minister of Indonesia's Ministry of Trade, proposed various policy changes.

One such change required two-thirds of directors and commissioners at crypto firms to be Indonesian citizens.

The nation remains an attractive market for the crypto industry, with approximately 4% of the population, nearly 11 million people, investing in cryptocurrencies in 2021, according to Bappebti data.

During the same period, the total transaction value for physical crypto asset trading amounted to Rp8.97 trillion, marking a 9.3% increase from the previous month.

However, the overall transaction value for January to June 2023 declined by 68.65% compared to the same period the previous year.