In Brief
The Trust Project is an international consortium of news organizations building standards of transparency.
The government of Indonesia is aggressively bidding to obtain a global lead in the trading of digital assets, announcing plans for new market infrastructure and the launch of the crypto stock exchange by the end of 2022.
The platform was supposed to be launched in 2021 but was delayed. The move intends to boost Indonesia’s credentials as a crypto-friendly nation and will be used by other crypto trading firms that have applied for licenses to lawfully trade on future exchanges.
“We will make sure that every requirement, procedure, and the necessary steps have been taken.” Said Jerry Sambuaga, the deputy minister of trade in Indonesia.
Bourse launch will be done carefully
The market exchange will be mainly based on blockchain distributed ledger technology, which will also include a thorough assessment of entities that intend to offer integrated post-transaction services such as asset custody.
“This is proof that we are being careful. We don’t want to be hast as it causes us to miss something. Creating a bourse needs many preparations. We need to see which entities will be included in the bourse. Secondly, we need to validate the entities” the deputy trade minister said while addressing the NXC International Summit 2022.
Despite skepticism among regulators globally, Indonesia has sought to gain an advantage in the industry of emerging financial digital assets. A few days ago, PT GoTo Gojek Tokopedia Tbk, one of the largest technology firms in Indonesia, purchased a local cryptocurrency business, PT Kripto Maksima Koin for $8.4 million. The GoTo CEO said the move intends to diversify Indonesia’s currency management hub.
“We believe that blockchain technology may play a mainstream role in the future of finance,” the GoTo CEO said in the statement late Monday
Crypto start-ups attracted to Indonesia
Crypto start-ups are also attracted to Indonesia due to its friendly regulatory and tax environment, which includes initiatives to remove obstacles that prevent traditional banks from providing services to crypto companies. Bitcoin in Indonesia has been recognized as a commodity and the regulatory standards for cryptocurrency exchanges have also been classified.
Data provided by the Blockchain Association of Indonesia, claims the number of investors has risen by 280% since 2020, from 1.5 million to 4.2 million, with a day-to-day trading volume reaching $117.4 million.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article
Related topics
Remmy Bahati
Remmy Bahati, es reportera de cripto y tecnología en BeInCrypto y reside en Nueva York, EE. UU. Tiene una Maestría en Ciencias en Periodismo de la Universidad de Columbia en la ciudad de Nueva York. También trabaja para Law360 como Asistente de Noticias Legales monitoreando el Congreso de los Estados Unidos, los tribunales federales y estatales. No solo eso, sino que también trabajó para las Naciones Unidas en el departamento de comunicaciones globales. Productora de televisión, editora de video y escritora, ha colaborado con CNN, Columbia News Service, New York Times digital, NBS TV, TRT World, BBC, Huffington Post y Citizen TV.
Follow Author
More Articles
RELATED NEWS
MarketsNews Report
Celsius Network to Return Only 22% of Customer Funds
26 mins ago
MarketsNews Report
Compass Mining Shutting Down Georgia Facilities Due to Excessive Energy Rates
2 hours ago
MarketsNews Report
A16z’s ‘Can’t Be Evil’ NFT Licenses Aimed to Prompt Standardization in Web3
3 hours ago
MarketsNews Report
Advocates Fear Another New York With California Crypto Bill Passage
4 hours ago
MarketsNews Report
US Investigates Binance on Allegations of Money Laundering
5 hours ago
Yuga Labs won a legal victory over Ripps and Cahen, who must pay $9M and transfer all related NFTs and intellectual property, setting a significant precedent in NFT copyright law.
WeiliangFTX seeks rapid sale of its 7.84% Anthropic stake, aiming to maximize creditor returns as part of its financial recovery strategy under new management.
MiyukiEligio Regalado, a Denver pastor, faces accusations of misusing $1.3M in a cryptocurrency scam, preaching amid legal woes, and asserting divine guidance in financial dealings.
AlexThe Kenosha Police warn against a new Bitcoin ATM scam, urging vigilance against identity theft tactics and stressing the importance of skepticism towards unsolicited financial directives.
BrianSteve Christie returns as DCCO to Binance, strategizing compliance amidst heavy U.S. regulatory settlements and industry challenges.
BrianBinance faces alleged data breach claims on the dark web, highlighting the critical, ongoing challenges of digital security and the importance of robust protective measures in the cryptocurrency sector.
WeiliangElderly women sue JPMorgan Chase, claiming the bank failed to prevent a $2.2 million scam, spotlighting the urgent need for better protection against elder financial fraud.
MiyukiFarcaster's user base surged 400% with the introduction of frames in Warpcast, revolutionizing user interaction and setting new standards in the decentralized social media landscape.
AlexIn a high-stakes legal showdown, the UK High Court delves into the mystery of Bitcoin's creator as the Crypto Open Patent Alliance challenges Craig Wright's bold claims. With a rejected settlement offer adding drama, the courtroom spectacle unfolds, promising a thrilling saga of legal battles and the quest to unveil the true identity behind Satoshi.
JoyBithumb slashes fees and expands Maker Rewards, offering luxury benefits to black level members, setting new industry standards for value and service.
Brian