Indonesia is moving quickly towards establishing the country’s first crypto exchange

Bappebti’s plan is to stay up with global market developments while limiting cryptocurrency sales to in-country deals.

Bappebti, Indonesia’s Commodity Futures Trading Supervisory Agency, has announced that preparations for the country’s first national cryptocurrency exchange are proceeding quickly, with a debut expected in the coming weeks.

According to Tempo, a local publication, Bappebti plans to officially open the exchange in July 2023. Procedures for client identification, also known as Know Your Customer (KYC) requirements, have been discussed and included in the stock exchange’s final regulations.

The CFTRA has evaluated a unified app that might improve trading on the market. Noordiatmoko reports that a recent test of system integration amongst traders, exchanges, clearing, and depository was successful.

Bappebti’s plan is to limit cryptocurrency sales to domestic exchanges while remaining competitive globally.

Bappebti will approve the permission until they hear otherwise, giving licenced traders a month to sign up with the exchange.

In 2021, owners of state-backed telecom firms began working with Binance, a prominent global cryptocurrency exchange, on a proposal to build a national cryptocurrency exchange. In late 2022, Binance increased its holdings in Tokocrypto, an exchange in Indonesia for digital currencies and tokens.

Launch was scheduled for December 2022, then June 2023, but now it won’t happen until July 2023 due to setbacks.

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