Indonesia to launch cryptocurrency exchange this month

Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) said it will launch a cryptocurrency exchange in July 2023, Tempo reported. Bappebti head Didid Noordiatmoko said that once the exchange is launched, all cryptocurrency transactions will only be through the exchange. At the same time, KYC and various processes are regulated. Transactions will be done through each integrated application, he said. CoFTRA also conducts integration tests. Didid said that for the cryptocurrencies to be sold, Bappebti wants them to be local but still keep up with the development of the international market, including the issue of price, provided they are approved by Bappebti. Didid said Bappebti also wrote to Trade Minister Zulkifli Hasan reporting plans for a cryptocurrency exchange. If no other instructions are given, Didid will sign the license, which will give licensed traders one month to join the exchange.