Government Will Establish an Indonesian Crypto Exchange Before June 2023


Indonesia will soon have a crypto exchange. The Ministry of Trade, through the Commodity Futures Trading Supervisory Agency (Bappebti), targets the exchange establishment before June 2023.

The Crypto Exchange will accommodate 25 crypto trading companies that already have official licenses.

The Minister of Trade Zulkifli Hasan, Thursday (2/2), said that the Crypto Exchange is a combination of 25 crypto asset traders who have obtained official permits, but so far only five are active.

Furthermore, the Acting Head of the Commodity Futures Trading Supervisory Agency (Bappebti), Didid Noordiatmoko, also said that crypto traders could choose to become exchange members or become owners.

According to him, the exchange must later have members consisting of traders, in the sense that they must become members of the exchange first. Traders can choose to become exchange members or stock owners, which means owning shares.

The mechanism for becoming a member is for a trading company to apply to join the exchange with CoFTRA. Next, there will be three stages of selection that will be passed.

Unfortunately, there are no traders who can pass the three stages of the selection. However, Didid admitted that his party would continue to support crypto traders to become members of the exchange with several policies, such as the policy on the second phase of the selection, which will be seen first.

As is known, the formation has been initiated since 2021 and is targeted to be completed by the end of 2022. However, this formation has departed from the initial plan and is now targeted before June 2023.