- CFTRA announced that Indonesia’s national crypto exchange is already operational. Together with her, the authorities created a clearing house.
- In a statement, the head of the regulator once again emphasized that it is the only licensed provider of services in the field of virtual assets. What will happen to other crypto exchanges is still unknown.
Indonesia Commodity Futures Trading Supervision Commission (CFTRA) stated on the launch of a cryptocurrency exchange and a clearing house. This platform will become the only licensed Digital Asset Service Provider (VASP).
“The establishment of exchanges, clearinghouses and custodial services shows that the government is making efforts to create a fair and equitable cryptoasset trading ecosystem in order to guarantee legal certainty and prioritize the protection of the public,” stressed the chairman of the regulator Didid Noordiatmoko.
Along with CFTRA, the platform will be overseen by the country’s Financial Services Authority (OJK), the central bank and the Ministry of Finance of Indonesia, reports CoinDesk Indonesia with reference to the head of the regulator.
There are 17.54 million cryptocurrency users in the country, Didid noted. In June, the volume of market trading in digital assets amounted to 8.97 trillion Indonesian rupiah (about $600 million). Thus, the head of the commission stressed the need to develop a platform.
The project of a national cryptocurrency exchange in the country began to be developed back in 2021. It was delayed several times until the final launch date was announced in July 2023.
Recall that traders and brokers have a month to change the platform. Whether enforcement action will be taken against the rest of the exchanges is still unknown. There are at least five private platforms operating in the country.