The Indonesian financial services authority had wanted to open the crypto exchange by the end of 2022, but it has been postponed due to a variety of issues.
The Indonesian Ministry of Trade is apparently planning to launch a nationwide cryptocurrency exchange by June of this year, six months later than its earlier goal of December 2022.
According to local media, Trade Minister Zulkifli Hasan announced the revised target launch date on Feb. 2 at the start of Crypto Literacy Month in Jakarta, stressing that the government is presently examining which firms satisfy their requirements to become part of the exchange.
There are now five operational crypto exchanges registered with the country’s authorities, and the ministry’s crypto exchange, according to Zulkifli, may include all of them.
While these exchanges now facilitate all trades within the country, the ministry’s exchange would serve as a clearing house and custodian in the local cryptocurrency market.
A clearing house acts as a go-between for a buyer and seller, ensuring that the transaction proceeds well. At the same time, as a custodian, it would oversee the transfer of assets between the two parties.
“Let us not rush because if it is not ready, things will become nasty,” the commerce minister said of the national cryptocurrency market. The government does not want this to have a large impact on the public since most people do not understand [crypto trading].”
As previously reported by Cointelegraph, Indonesia had intended to launch its cryptocurrency exchange by the end of 2022, but it was pushed back owing to a variety of roadblocks.
The country’s crypto assets are currently traded alongside commodity contracts and supervised by the Commodity Futures Trading Regulatory Agency, also known as Bappebti, but the regulatory authority will be transferred to the Financial Services Authority following the establishment of a national exchange.
The regulatory move follows the ratification of new crypto legislation on December 15, which recognize crypto and other digital assets as regulated financial instruments.
On December 5, Bank of Indonesia Governor Perry Warjiyo said that the central bank’s planned digital currency will be the country’s only digital legal tender.